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2013 (10) TMI 1120 - ITAT MUMBAIPenalty u/s 271(1)(c) of the Income Tax Act – Held that:- Reliance has been placed on the case of CIT vs Reliance Petro Products (P) Ltd. [2010 (3) TMI 80 - SUPREME COURT], wherein it has been held that when no information given in the return is incorrect or inaccurate, the assessee cannot be held guilty of furnishing inaccurate particulars. Merely because the assessee claimed a deduction which has not been accepted by the department, penalty u/s.271(1)(c) is not attracted – In the present case, penalty cannot be levied – Decided against the Revenue.
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