https://www.taxtmi.com/caselaws?id=280341 Penalty under section 271(1)(c) was held not exigible where the assessee claimed deduction under section 80IB on export incentives and related receipts on a legal view later disapproved. The claim was treated as debatable and bona fide, and the disallowance in assessment did not, by itself, establish concealment of income or furnishing of inaccurate particulars. A merely incorrect claim, without proof that it was false or mala fide, does not attract penalty; the deletion of penalty was sustained in favour of the assessee. en-us Thu, 10 Mar 2011 00:00:00 +0530 Wed, 01 May 2019 15:15:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280341 Penalty under section 271(1)(c) was held not exigible where the assessee claimed deduction under section 80IB on export incentives and related receipts on a legal view later disapproved. The claim was treated as debatable and bona fide, and the disallowance in assessment did not, by itself, establish concealment of income or furnishing of inaccurate particulars. A merely incorrect claim, without proof that it was false or mala fide, does not attract penalty; the deletion of penalty was sustained in favour of the assessee. Case-Laws Income Tax Thu, 10 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280341