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2016 (9) TMI 1393 - ITAT MUMBAIPenalty u/s 271(1)(c) - difference between the originally returned loss and the finally assessed loss was considered by the Assessing Officer to be ‘furnishing of inaccurate particulars of income’ - Held that:- No other income even till today and therefore there was no advantage to the assessee in claiming expenses and declare losses from year to year as the losses could be carried forward only for a limited number of years. In such a situation claiming the expenses in the year of completion would have been advantages to the assessee as in that case all the expenses could have been allowed. Considering the entirety of facts and circumstances, in our view, explanation of the assessee that the claim had been made under bonafide belief has to be accepted and it will not be appropriate to levy penalty under section 271(1)(c) in this case. See M/s. Chaitra Realty Ltd. Versus The DCIT [2011 (3) TMI 1746 - ITAT MUMBAI ] - Decided in favour of assessee.
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