No Penalty Imposed for Incorrect Legal Claim on Director's Remuneration Reallocation u/s 271(1)(c) and 80IC Exemption.

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....Penalty u/s 271(1)(c) - Director’s remuneration - reallocation out of managerial remuneration to different units - claim of exemption u/s 80IC - at most, it was a case of the assessee making an incorrect claim in law which cannot tantamount to furnishing of inaccurate particulars of income - no penalty - AT....