https://www.taxtmi.com/caselaws?id=466247 Penalty under section 271(1)(c) was contested after the AO disallowed deduction claimed under Section 80IB(10) on grounds of family allotment and excess built-up area. The assessee showed allotment letters and part payments for three flats were made before insertion of clause f, and flats were allotted to different family members. CIT(A) and ITAT reversed the AO on disallowance issues and found no concealment or inaccurate particulars solely from those facts; consequently the penalty for those three flats was deleted and the assessee's appeal allowed. en-us Fri, 28 Feb 2025 00:00:00 +0530 Fri, 30 Jan 2026 19:20:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466247 Penalty under section 271(1)(c) was contested after the AO disallowed deduction claimed under Section 80IB(10) on grounds of family allotment and excess built-up area. The assessee showed allotment letters and part payments for three flats were made before insertion of clause f, and flats were allotted to different family members. CIT(A) and ITAT reversed the AO on disallowance issues and found no concealment or inaccurate particulars solely from those facts; consequently the penalty for those three flats was deleted and the assessee's appeal allowed. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466247