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2017 (4) TMI 811 - ITAT MUMBAIPenalty under Section 271(1)(c) - wrong claim of deduction under Section 80IB(10) - bonafide belief - Held that:- The claim of the deduction under Section 80IB(10) raised by the assessee in respect of the interest on margin money parked in the form of fixed deposits with bank, remaining under a bonafide belief that the same being inextricably interlinked and interwoven with the business of the assessee, is a claim raised by the assessee on account of a mistaken interpretation of a statutory provision on its part, which on the said count would not invite penalty under Section 271(1)(c) in the hands of the assessee. We thus set aside the order of the CIT(A) and quash the penalty in the hands of the assessee. - Decided in favour of assessee
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