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2019 (1) TMI 1055 - AT - Income TaxPenalty u/s 271(1)(c) - Deduction u/s 80IC - AO restricted the claim from 6th year onwards to 25% - substantial expansion had a long history of oscillations gone through various Judicial Authorities - Held that:- The assessee has been found to have declared all the details in his return of income while claiming the exemption. Hence in accordance with explanation 1(B) to section 271(1)(c), since the action of the assessee in claiming the exemption can be considered as a bonafide belief that the assessee is rightly eligible for claim of exemption and hence no penalty can be levied under section 271(1)(c). We hereby decline to interfere with the order of the CIT(A) in deleting the penalty levied by the Assessing Officer under section 271(1)(c) - Decided against revenue.
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