https://www.taxtmi.com/highlights?id=75871 Penalty u/s. 271(1)(c) - deduction u/s. 80GGC denied - second round of appeal - the Tribunal ruled in favor of the assessee, holding that the claim for deduction was made in good faith. They emphasized that the claim was based on the opinion of the auditor and was supported by genuine belief. Despite the deduction being ultimately disallowed, the authorities found that there was no intention to provide inaccurate particulars of income. Therefore, the penalty under section 271(1)(c) was deemed unjustified and was deleted. en-us Wed, 20 Mar 2024 09:18:55 +0530 Wed, 20 Mar 2024 09:18:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75871 Penalty u/s. 271(1)(c) - deduction u/s. 80GGC denied - second round of appeal - the Tribunal ruled in favor of the assessee, holding that the claim for deduction was made in good faith. They emphasized that the claim was based on the opinion of the auditor and was supported by genuine belief. Despite the deduction being ultimately disallowed, the authorities found that there was no intention to provide inaccurate particulars of income. Therefore, the penalty under section 271(1)(c) was deemed unjustified and was deleted. Highlights Income Tax Wed, 20 Mar 2024 09:18:55 +0530 https://www.taxtmi.com/highlights?id=75871