Tax department rejected ₹37.82 lakh deduction, but ITAT cancelled the 200% penalty: What the ruling means

A Bangalore ITAT ruling has deleted a ₹23.31 lakh penalty imposed on a cooperative housing society that claimed a ₹37.82 lakh deduction under section 80P. The tribunal said a fully disclosed, bona fide claim on a debatable tax issue does not amount to misreporting.