Incorrect claim based on CA report won’t attract penalty

Brief of the case: The ITAT New Delhi in the above cited case held that making of an incorrect claim by assessee which is supported by a report of Chartered Accountant cannot be hold as furnishing inaccurate particulars of income. Therefore, penalty u/s 271(1)(c) is not warranted as the claim made under bonafide belief. Facts of the case: The assessee is a company and is engaged in providing certain services including air conditioning, generator backup, interiors, electric, wooden fixtures and fittings etc. to its clients. The assessee claimed deduction u/s 80 IA of the Act to the extent of ...