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2019 (3) TMI 129 - HC - Income TaxPenalty u/s 271(1)(c) - Deduction u/s 80IC - 8th year on account of substantial expansion to the undertaking - entitlement to 100% claim - bonafide belief - Penalty u/s 271(1)(c) on account of wrongful claim of deduction - HELD THAT:- Relying upon the decision rendered by the High Court of Himachal Pradesh in M/s Stovekraft India’s case (2017 (12) TMI 69 - HIMACHAL PRADESH HIGH COURT), it was recorded by the Tribunal that under the provisions of the Act, the assessee was entitled to claim deduction under Section 80IC of the Act on account of substantial expansion of the unit. Even otherwise, this was not a case of furnishing of inaccurate particulars of income or concealment of income. Revenue has not been able to point out any error or illegality in the findings recorded by the Tribunal that the claim of deduction @ 100% for the year under consideration by the assessee was on account of bonafide belief of the assessee and not on account of furnishing of any inaccurate particular or concealment of income, thus, warranting interference by this Court - decided in favour of assessee.
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