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2013 (10) TMI 1176 - PUNJAB & HARYANA HIGH COURTPenalty u/s 271(1)(c) of the Income Tax Act – Deduction u/s 80IB of the Income tax act – Held that:- Commissioner of Income Tax as well as the Income Tax Appellate Tribunal have recorded concurrent findings of fact that as the assessee was allowed deduction under section 801B of the Act for assessment years 2004-05 and 2005-06, but disallowed similar deduction for assessment year 2006-07 as the assessee's returns were beyond the period prescribed by Section 139(1) of the Act, it cannot be said that the claim for deduction under section 801B of the Act was mala fide or raised with an object to evade tax. Reliance has been placed upon the judgment of Hon’ble Supreme Court of India in the case of CIT versus Reliance Petro Products Pvt. Ltd.[ 2010 (3) TMI 80 - SUPREME COURT ], wherein, while considering the question of levy of penalty, it was held that the mere fact that an assessee's claim for deduction is not accepted, does not automatically invite penalty. The revenue has not been able to establish any fact that would enable us to hold that deduction claimed by an assessee was mala fide or raised with the object of evading tax – Decided against the Revenue.
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