https://www.taxtmi.com/caselaws?id=448089 ITAT Mumbai allowed the assessee's appeal and deleted penalties levied u/s 271(1)(c) on multiple grounds. The Tribunal held that penalty cannot be imposed for Section 80IB disallowance as the assessee's claim was based on auditor's report and no inaccurate particulars were furnished. Similarly, penalty on Section 80HHC deduction was deleted as the claim was supported by auditor's report and involved debatable issues. For transfer pricing adjustments, penalty was deleted as the assessee disclosed all relevant facts during TP proceedings and conducted benchmarking with due diligence, with no evidence of conscious suppression or bad faith by the AO. en-us Fri, 29 Dec 2023 00:00:00 +0530 Tue, 09 Jan 2024 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448089 ITAT Mumbai allowed the assessee's appeal and deleted penalties levied u/s 271(1)(c) on multiple grounds. The Tribunal held that penalty cannot be imposed for Section 80IB disallowance as the assessee's claim was based on auditor's report and no inaccurate particulars were furnished. Similarly, penalty on Section 80HHC deduction was deleted as the claim was supported by auditor's report and involved debatable issues. For transfer pricing adjustments, penalty was deleted as the assessee disclosed all relevant facts during TP proceedings and conducted benchmarking with due diligence, with no evidence of conscious suppression or bad faith by the AO. Case-Laws Income Tax Fri, 29 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448089