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2012 (7) TMI 338 - ITAT, DELHIPenalty u/s. 271(1)(c) - CIT(A) deleted levy - ITAT reversed the order of CIT(A) and upheld the AO’s view that interest earned from fixed deposits is liable to be assessed as income from other sources and not "Business Income" - Held that:- The issue resulting in the determination of higher income u/s 143(3) was clearly debatable, penalty is not imposable on debatable issues or claims/deductions disallowed on account of varying legal interpretations it is held that penalty u/s 271(1)(c) is not imposable in the present case - penalty u/s 271(1)(c) will not lie merely if an incorrect or inadmissible claim has been made in the return and when all material facts having been disclosed in the return of income - in favour of assessee.
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