https://www.taxtmi.com/caselaws?id=777310 ITAT held that penalty under s.271(1)(c) must be deleted. AO's reduction of the s.35(2AB) weighted deduction from Rs.78.32 lakh to Rs.76.50 lakh based on a subsequent DSIR Form 3CL did not establish furnishing of inaccurate particulars. The assessee's claim, supported by auditor's certificate and unrefuted by AO, and the separation of quantum and penalty proceedings meant failure to challenge the quantum assessment did not justify imposing penalty. Appeal allowed and penalty set aside. en-us Thu, 09 Jan 2025 00:00:00 +0530 Thu, 28 Aug 2025 08:32:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777310 ITAT held that penalty under s.271(1)(c) must be deleted. AO's reduction of the s.35(2AB) weighted deduction from Rs.78.32 lakh to Rs.76.50 lakh based on a subsequent DSIR Form 3CL did not establish furnishing of inaccurate particulars. The assessee's claim, supported by auditor's certificate and unrefuted by AO, and the separation of quantum and penalty proceedings meant failure to challenge the quantum assessment did not justify imposing penalty. Appeal allowed and penalty set aside. Case-Laws Income Tax Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777310