https://www.taxtmi.com/caselaws?id=294287 The Tribunal ruled in favor of the assessee, holding that the penalty under Section 271(1)(c) was not justified. It found that there was no concealment of income or furnishing of inaccurate particulars regarding the disallowed deduction under Section 80IA. The Tribunal emphasized the assessee's bona fide belief, full disclosure, and the debatable nature of the issue. As a result, the penalty was deleted for the assessment years 2003-04, 2004-05, and 2005-06, and the appeals were allowed in favor of the assessee. en-us Fri, 17 Jun 2011 00:00:00 +0530 Sat, 03 Apr 2021 14:54:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294287 The Tribunal ruled in favor of the assessee, holding that the penalty under Section 271(1)(c) was not justified. It found that there was no concealment of income or furnishing of inaccurate particulars regarding the disallowed deduction under Section 80IA. The Tribunal emphasized the assessee's bona fide belief, full disclosure, and the debatable nature of the issue. As a result, the penalty was deleted for the assessment years 2003-04, 2004-05, and 2005-06, and the appeals were allowed in favor of the assessee. Case-Laws Income Tax Fri, 17 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294287