Penalty not imposed for disallowance of Section 80P deduction: ITAT Lucknow

Co-operative Cane Development Union Limited Vs ACIT (ITAT Lucknow) In the case Co-operative Cane Development Union Limited vs. ACIT, ITAT Lucknow addressed the penalty under Section 271(1)(c) imposed on the appellant for claiming a deduction under Section 80P. The appeal argued that the notice for penalty, issued under Section 274, was invalid as it failed to specify if the penalty was for income concealment or furnishing inaccurate details. The appellant contended that the deduction on interest income from bank deposits, though disallowed by the Assessing Officer, was a bona fide claim, based...