https://www.taxtmi.com/caselaws?id=376704 The ITAT upheld the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act on the assessee for restricting the deduction claimed under section 80IC to 25% instead of 100%. The decision was based on the bonafide belief of the assessee in claiming the full deduction beyond five years, supported by previous judgments. The ITAT emphasized the significance of bonafide belief in tax matters and consistent judicial interpretations, ultimately dismissing the Revenue's appeal. en-us Fri, 18 Jan 2019 00:00:00 +0530 Thu, 14 Mar 2019 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376704 The ITAT upheld the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act on the assessee for restricting the deduction claimed under section 80IC to 25% instead of 100%. The decision was based on the bonafide belief of the assessee in claiming the full deduction beyond five years, supported by previous judgments. The ITAT emphasized the significance of bonafide belief in tax matters and consistent judicial interpretations, ultimately dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 18 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376704