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2010 (5) TMI 535 - AT - Income TaxDeduction under section 80-IB(10) - The assessee-company is engaged in the business of development and construction – Disallowance of certain deduction - The Assessing Officer while completing the assessment also initiated penalty of ₹ 267644 proceeding under section 271(1)(c) of the Act on the amount of miscellaneous income ₹ 7,31,491 as the same is not eligible for the said deduction - Hon’ble Supreme Court in CIT v. Reliance Petroproducts (P.) Ltd. ([2010 (3) TMI 80 - SUPREME COURT] – Mere making wrong claim is not at par with concealment or giving of inaccurate information, which may call for levy of penalty under section 271(1)(c) – Appeal is dismissed
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