No Penalty u/s 271(1)(C) on Bonafide claim of wrong deduction

Brief of the Case In the case of Pooja Industries vs. ITO, ITAT Chandigarh held that mere denial of deduction u/s 80IC, which the assessee has claimed on roller flour mills with a bonafide belief, would not lead to panel consequences. In any case, the assessee had made full disclosure regarding deduction and in fact, deduction has been allowed under section 80IB(4) at 25%. Therefore, it is not a case of concealment of particulars.  Facts of the Case The assessee was deriving income from running of flour mill manufacturing atta, maida and suji, etc. The assessee had claimed deduction under sec...