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2010 (9) TMI 657 - ITAT, MUMBAIPenalty - During scrutiny AO noticed that the assessee has claimed a deduction of Rs. 2,66,63,949 , under section 80 HHC, but while computing the profit eligible for the said deduction, the assessee has not set off brought forward losses of earlier years - It was thus pleaded that the claim made by the assessee was a bonafide legal claim, based on rational interpretation of legal provision, and merely because it is rejected, the imposition of penalty under section 271(1)(c) is not warranted - Supreme Court in the case of CIT v. Reliance Petroproducts Pvt. Ltd. (2010 -TMI - 75701) - Accordingly the penalty is deleted and the appeal is dismissed
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