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2011 (9) TMI 1039 - GUJARAT HIGH COURTPenalty under s. 271(l)(c) - Held that:- The assessee had made full disclosure about the claim. The claim was also certified by the chartered accountant. Necessary declarations in the prescribed forms were made, may be in the case of the assessee, such claim on merits was not granted. However, this does not mean that the assessee had concealed any income. Further, we find that the issue ultimately at any rate is debatable since one High Court has already held in favour of the assessee. We also find that in the case of CIT us. Reliance Petroproducts (P) Ltd. (2010 (3) TMI 80 - SUPREME COURT), the apex Court observed that when no information as given in return is found to be incorrect, penalty could not be imposed. It was held that making incorrect claim does not amount to concealment of particulars.
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