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2010 (7) TMI 553 - HC - Income TaxPenalty - furnishing of inaccurate particulars - exemption u/s 80IB - Held that: - it cannot be disputed that the issue was debatable and deduction claimed by the Assessee did not lack bonafides. In such a situation, penalty under Section 271(c) of the Act was not attracted. In recent judgment of the Hon’ble Supreme Court in CIT v. Reliance Petroproducts (P) Ltd. (2010 -TMI - 75701 - SUPREME COURT), the legal position to this effect has been reiterated. If the Assessee has made full disclosure in the return, claim for deduction cannot be held to be giving of inaccurate particulars.
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