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2016 (12) TMI 1649 - HC - Income TaxPenalty under section 271 (1)(c) - entitled to claim deduction under Section 80P - Held that:- That it is pertinent to note that on the merit of the issue namely as to whether the assessee is entitled to claim deduction under Section 80P of the Income Tax Act, this Court has held in favour of the assessee [2016 (9) TMI 1385 - RAJASTHAN HIGH COURT]. Since, the issue on merit has been decided in favour of the assessee no penalty can be levied and as such the Tribunal has committed no error of law in setting aside the penalty under Section 271 (1)(c) of the Income Tax Act. - Decided in favour of assessee.
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