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2010 (6) TMI 501 - ITAT, MUMBAIPenalty - The assessee is a company engaged in the business of, inter alia, investment, horse breeding, and horse racing - The expenses were quantified at56,44,906, though in appeal the quantum of these expenses was reduced to18,25,828 - The Assessing Officer further observed that, in terms of provisions of Section 74A of the Income Tax Act, the expenses so incurred on maintenance of race horses could only be set off against gains from race horses - mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding income of the assessee – Held that appeal is allowed impugned penalty is set aside
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