https://www.taxtmi.com/caselaws?id=412910 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) for deduction u/s. 35(2AB). The Tribunal found that the assessee's actions did not amount to concealing income or furnishing inaccurate particulars of income, as the assessee genuinely believed in obtaining approval for the deduction, which was granted subsequently. The Tribunal agreed with the CIT(A)'s reasoning based on the decision in CIT Vs. Reliance Petro Products Pvt. Ltd. (2010) 322 ITR 158 Delhi, affirming the dismissal of the Revenue's appeal. en-us Thu, 23 Sep 2021 00:00:00 +0530 Thu, 30 Sep 2021 09:20:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412910 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) for deduction u/s. 35(2AB). The Tribunal found that the assessee's actions did not amount to concealing income or furnishing inaccurate particulars of income, as the assessee genuinely believed in obtaining approval for the deduction, which was granted subsequently. The Tribunal agreed with the CIT(A)'s reasoning based on the decision in CIT Vs. Reliance Petro Products Pvt. Ltd. (2010) 322 ITR 158 Delhi, affirming the dismissal of the Revenue's appeal. Case-Laws Income Tax Thu, 23 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412910