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2018 (10) TMI 1182 - AT - Income TaxPenalty u/s 271(1)(c) - legality and quantum of penalty levied - disallowance of deduction claimed u/s 80IB(10) - "substantial question of law” - Held that:- Respectfully following the decisions of Principal Commissioner of Income Tax V Surabhi Homes Pvt. Ltd [2017 (3) TMI 1714 - MADHYA PRADESH HIGH COURT] and also looking to the fact that “substantial question of law” is pending before the Hon'ble Apex Court in the case of the assessee, we are of the considered view that the lower authorities erred in levying the penalty u/s 271(1)(c) of the Act for disallowance of deduction u/s 80IB(10) merely on a technical ground. We therefore allow the relevant ground No.3 for all the three appeals challenging the penalty confirmed by Ld.CIT(A) u/s 271(1)(c ) of the Act. Decided in favour of assessee.
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