Friday, 10 July 2015

No penalty on wrongly claiming sec. 80-IB relief as its details were disclosed in income-tax return

IT : Where assessee had disclosed complete particulars in respect of its claim for deduction under section 80-IB in its return which were accompanied by audit report, there was neither any concealment of income nor furnishing of inaccurate particulars of income so as to attract penalty under section 271(1)(c)

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