Penalty u/s 271(1)(c) not leviable as deduction claimed under bonafide belief

Posun Credit Co. Vs ACIT (ITAT Ahmedabad) ITAT Ahmedabad held that penalty under section 271(1)(c) of the Income Tax Act not leviable as assessee claimed the deduction u/s. 80P(2)(a)(i) of the Act, with respect to the interest income under a bonafide belief. Facts- The assessee is a Co. Operative Society providing credit facility to its members. For A.Y. 2013-14, the assessee filed its Return of Income claiming deduction u/s. 80P(2)(a)(i) of Rs. 16,43,080/-. AO found that the assessee was in receipt of aggregate interest income from deposits with nationalized banks of Rs.20,85,266/- and intere...