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The Tax Publishers2020 TaxPub(DT) 1865 (Pune-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
Since disallowance on which penalty was imposed itself was deleted, there remained no basis for sustaining penalty imposed under section 271(1)(c).
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Penalty under section 271(1)(c) - Validity - Addition on which penalty was imposed got deleted in appeal proceedings -
Issue was as regards imposition of penalty under section 271(1)(c) due to disallowance of deduction under section 80-IB(10) in respect of a housing project. Held: CIT(A) while deleting penalty, noted that Tribunal in case of assessee, directed AO to allow claim of deduction under section 80-IB(10). Since disallowance on which penalty was imposed itself was deleted, there remained no basis for sustaining the penalty.
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
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