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2013 (5) TMI 881 - ITAT MUMBAILevy of penalty u/s.271(1)(c) - disallowance u/s.40(a)(ia) - Held that:- The Apex Court in the case of Reliance Petroproducts Ltd (2010 (3) TMI 80 - SUPREME COURT) has held that a mere making of the claim which is not sustainable in the law, by itself will not amount to furnishing inaccurate particulars of income. In the present case, admittedly, assessee made a claim but the same was rejected and disallowed not for the reason that the claim was not genuine or was fabricated but in view of provisions of law that assessee did not deduct TDS thereon.We are of the considered that view that the ratio of judgment of Hon’ble Apex Court in the case of Reliance Petroproducts Ltd (supra) squarely applies to the facts of the case before us and, therefore, levy of penalty is not justified.
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