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    Income Tax

    Penalty u/s 271(1)(c) - deduction under Section 80P - Tribunal...

    High Court Affirms No Penalty for Appellant; No Income Concealment Found, Section 80P(2)(a)(i) Claim Addressed, Section 271(1)(c) Not Applicable.

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    Income TaxMarch 21, 2022Case LawsHC

    Penalty u/s 271(1)(c) - deduction under Section 80P - Tribunal has recorded a finding of the fact that there is no evidence of concealment of income. Tribunal has concluded that the appellant had made a legitimate claim for exemption under section 80P(2)(a)(i) which was purely a legal in nature and even on rejection of such a claim, no penalty is leviable. - order of ITAT does not suffer from any legal infirmity. - HC

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