https://www.taxtmi.com/caselaws?id=432293 The Tribunal held that penalties imposed on the assessee for section 80IA deduction claims in section 153A assessments were unwarranted. Emphasizing the distinction between quantum and penalty proceedings, the Tribunal ruled that mere disallowance does not automatically attract penalties. Referring to legal precedents, penalties were deemed erroneous, directing their deletion and allowing the assessee's appeals while condoning the appeal filing delay. The judgment stressed the importance of clear differentiation between quantum and penalty proceedings, advocating penalties only for deliberate concealment or furnishing inaccurate income particulars. en-us Fri, 30 Dec 2022 00:00:00 +0530 Sat, 31 Dec 2022 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432293 The Tribunal held that penalties imposed on the assessee for section 80IA deduction claims in section 153A assessments were unwarranted. Emphasizing the distinction between quantum and penalty proceedings, the Tribunal ruled that mere disallowance does not automatically attract penalties. Referring to legal precedents, penalties were deemed erroneous, directing their deletion and allowing the assessee's appeals while condoning the appeal filing delay. The judgment stressed the importance of clear differentiation between quantum and penalty proceedings, advocating penalties only for deliberate concealment or furnishing inaccurate income particulars. Case-Laws Income Tax Fri, 30 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432293