No Section 271(1)(c) penalty if Assessee allowed section 80IA(4) deduction subsequently

ITO Vs BGSCTPL-MSKEL(JV) (ITAT Ahmedabad) In the case of ITO Vs BGSCTPL-MSKEL(JV) (ITA Ahmedabad), the Income Tax Appellate Tribunal (ITAT) dismissed the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, for concealment of income and inaccurate reporting. The dispute arose during the assessment for the assessment year 2010-11, where the assessee, a joint venture, had claimed a deduction under section 80IA(4) of the Act. The Assessing Officer (AO) rejected the deduction, asserting that the assessee was not a developer but a contractor working under the Airport Authority of In...