https://www.taxtmi.com/caselaws?id=771857 ITAT Delhi allowed the assessee's appeal and deleted the penalty imposed under section 271(1). The tribunal held that the AO should have levied penalty on difference of income rather than on disallowances. The assessee had restricted deductions under sections 80IA and 80HHC to business income and had not concealed any income particulars while filing returns. Since the assessee neither concealed income nor furnished inaccurate particulars, no penalty could be imposed. The deduction claim under section 80IA was restored to AO for fresh consideration. en-us Wed, 28 May 2025 00:00:00 +0530 Sat, 31 May 2025 08:47:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771857 ITAT Delhi allowed the assessee's appeal and deleted the penalty imposed under section 271(1). The tribunal held that the AO should have levied penalty on difference of income rather than on disallowances. The assessee had restricted deductions under sections 80IA and 80HHC to business income and had not concealed any income particulars while filing returns. Since the assessee neither concealed income nor furnished inaccurate particulars, no penalty could be imposed. The deduction claim under section 80IA was restored to AO for fresh consideration. Case-Laws Income Tax Wed, 28 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771857