https://www.taxtmi.com/caselaws?id=456504 ITAT Surat allowed the assessee's appeal and directed deletion of penalty u/s 271(1)(c) imposed for disallowance of deduction u/s 80P(2)(d) on interest income from State Bank of India and DGVCL. The tribunal held that mere claiming of expenditure/deduction not accepted by revenue does not attract penalty. Following SC precedent in Reliance Petroproducts, the tribunal found no concealment of income or furnishing of inaccurate particulars, as assessee had disclosed all details in computation attached with return. AO's rejection of claim does not constitute willful tax evasion warranting penalty. en-us Thu, 05 Oct 2023 00:00:00 +0530 Tue, 30 Jul 2024 20:10:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456504 ITAT Surat allowed the assessee's appeal and directed deletion of penalty u/s 271(1)(c) imposed for disallowance of deduction u/s 80P(2)(d) on interest income from State Bank of India and DGVCL. The tribunal held that mere claiming of expenditure/deduction not accepted by revenue does not attract penalty. Following SC precedent in Reliance Petroproducts, the tribunal found no concealment of income or furnishing of inaccurate particulars, as assessee had disclosed all details in computation attached with return. AO's rejection of claim does not constitute willful tax evasion warranting penalty. Case-Laws Income Tax Thu, 05 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456504