https://www.taxtmi.com/caselaws?id=384312 The Tribunal held that the penalty under Section 271(1)(c) of the Income Tax Act was not justified as the assessee had made a genuine claim for deduction under Section 80IA and had disclosed all relevant facts. The delay in filing the return was due to legitimate reasons, and there was no intention to provide inaccurate particulars. Consequently, the Tribunal directed the Assessing Officer to cancel the penalty of Rs. 27,35,224 imposed under Section 271(1)(c). The appeal of the assessee was allowed, with the order pronounced on 05th August 2019. en-us Mon, 05 Aug 2019 00:00:00 +0530 Mon, 09 Sep 2019 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384312 The Tribunal held that the penalty under Section 271(1)(c) of the Income Tax Act was not justified as the assessee had made a genuine claim for deduction under Section 80IA and had disclosed all relevant facts. The delay in filing the return was due to legitimate reasons, and there was no intention to provide inaccurate particulars. Consequently, the Tribunal directed the Assessing Officer to cancel the penalty of Rs. 27,35,224 imposed under Section 271(1)(c). The appeal of the assessee was allowed, with the order pronounced on 05th August 2019. Case-Laws Income Tax Mon, 05 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384312