https://www.taxtmi.com/caselaws?id=759638 The ITAT Indore upheld penalty under section 271(1)(c) against the assessee for incorrectly claiming deduction under section 80IB(10). The AO disallowed the deduction on grounds that most residential units exceeded 1500 square feet and the assessee operated as a contractor rather than developer. The ITAT rejected the assessee's contentions, finding no evidence that actual built-up areas were within prescribed limits or that the assessee qualified as a developer. The tribunal distinguished cited precedents as those involved debatable issues with bonafide claims, whereas this case involved incorrect factual claims. The penalty was confirmed as the assessee's claim was based on misrepresentation of facts. en-us Tue, 23 Jul 2024 00:00:00 +0530 Sat, 05 Oct 2024 08:54:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759638 The ITAT Indore upheld penalty under section 271(1)(c) against the assessee for incorrectly claiming deduction under section 80IB(10). The AO disallowed the deduction on grounds that most residential units exceeded 1500 square feet and the assessee operated as a contractor rather than developer. The ITAT rejected the assessee's contentions, finding no evidence that actual built-up areas were within prescribed limits or that the assessee qualified as a developer. The tribunal distinguished cited precedents as those involved debatable issues with bonafide claims, whereas this case involved incorrect factual claims. The penalty was confirmed as the assessee's claim was based on misrepresentation of facts. Case-Laws Income Tax Tue, 23 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759638