https://www.taxtmi.com/caselaws?id=774602 ITAT Delhi deleted penalty under section 271(1)(c) levied on interest income from FDRs with cooperative bank. The assessee claimed exemption under section 80P for cooperative bank FDR interest. Following precedent from assessee's own case, the tribunal held that where FDR deduction is allowable under section 80P, penalty under section 271(1)(c) cannot be levied. The tribunal found no change in facts and circumstances, applied coordinate bench ratio, and allowed all grounds raised by the assessee. en-us Wed, 09 Jul 2025 00:00:00 +0530 Fri, 11 Jul 2025 08:39:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774602 ITAT Delhi deleted penalty under section 271(1)(c) levied on interest income from FDRs with cooperative bank. The assessee claimed exemption under section 80P for cooperative bank FDR interest. Following precedent from assessee's own case, the tribunal held that where FDR deduction is allowable under section 80P, penalty under section 271(1)(c) cannot be levied. The tribunal found no change in facts and circumstances, applied coordinate bench ratio, and allowed all grounds raised by the assessee. Case-Laws Income Tax Wed, 09 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774602