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2014 (7) TMI 1186 - ITAT PUNEPenalty levied u/s.271(1)(c) - assessee has willfully claimed wrong deduction u/s.80IA - Held that:- In Reliance Petro Products Ltd. (2010 (3) TMI 80 - SUPREME COURT ), the Hon'ble Supreme Court emphasized that mere making of a claim of deduction which was not allowable by itself would not amount to furnishing inaccurate particulars of income. In fact, every legal disallowance under the provisions of the Act could not lead to the conclusion that there was furnishing of inaccurate particulars of income on the part of the assessee. We also find in the case of CIT v. Dharampal Premchand Ltd. [2010 (9) TMI 155 - DELHI HIGH COURT ] it was held that merely because the assessee had claimed deduction u/s.80IA and 80IB of the Act which claim was not acceptable to the Revenue, that by itself would not attract the penalty proceedings as the same could not be construed as furnishing inaccurate particulars of income u/s.271(1)(c) of the Act. In view of above factual and legal discussion, the penalty levied by the Assessing Officer was rightly deleted by the CIT(A) - Decided in favour of assessee.
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