https://www.taxtmi.com/caselaws?id=397222 The ITAT ruled in favor of the assessee, directing the deletion of the penalty imposed under section 271(1)(c) for the disallowed deductions claimed under section 80IB(4) related to trading profit. The ITAT found the claim for deduction to be a bona fide mistake and not a deliberate attempt to conceal income, citing relevant case laws to support its decision. As a result, the appeal was allowed, and the penalty was set aside in relation to the incorrect claim for trading profit deductions. en-us Tue, 16 Jun 2020 00:00:00 +0530 Mon, 10 Aug 2020 12:57:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397222 The ITAT ruled in favor of the assessee, directing the deletion of the penalty imposed under section 271(1)(c) for the disallowed deductions claimed under section 80IB(4) related to trading profit. The ITAT found the claim for deduction to be a bona fide mistake and not a deliberate attempt to conceal income, citing relevant case laws to support its decision. As a result, the appeal was allowed, and the penalty was set aside in relation to the incorrect claim for trading profit deductions. Case-Laws Income Tax Tue, 16 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397222