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2011 (10) TMI 636 - ITAT MUMBAIPenalty u/s 271(1)(c) - Held that:- The penalty is levied for furnishing of inaccurate particulars, and that there is nothing to indicate incorrectness of particulars of claim of deduction on the facts of this case, we are of the considered view that the impugned penalty, to the extent of ₹ 1,21,255, levied by the AO and sustained by the CIT(A) deserves to be deleted. We, accordingly, direct the AO to delete the penalty imposed on the assessee.
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