https://www.taxtmi.com/caselaws?id=427461 The tribunal ruled in favor of the appellant, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act. The penalty was deemed unwarranted as the appellant had truthfully disclosed all income particulars, and the claim regarding the allocation of R&D expenses to eligible units under section 80IA was considered debatable. The tribunal found no evidence of non-bonafide intent and referenced legal precedents in support of its decision. Consequently, the penalty was deleted, and the appellant's appeal was allowed. en-us Wed, 07 Sep 2022 00:00:00 +0530 Fri, 09 Sep 2022 07:04:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427461 The tribunal ruled in favor of the appellant, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act. The penalty was deemed unwarranted as the appellant had truthfully disclosed all income particulars, and the claim regarding the allocation of R&D expenses to eligible units under section 80IA was considered debatable. The tribunal found no evidence of non-bonafide intent and referenced legal precedents in support of its decision. Consequently, the penalty was deleted, and the appellant's appeal was allowed. Case-Laws Income Tax Wed, 07 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427461