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2013 (12) TMI 651 - ITAT MUMBAIPenalty u/s 271(1)(c) levied on account of low GP rate – Held that:- Following CIT Ahmedabad vs Reliance Petroproducts Pvt. Ltd [2010 (3) TMI 80 - SUPREME COURT] – Penalty can be levied only when the explanation given by the assessee is false or malafide – Following Dilip Shroff [2007 (5) TMI 198 - SUPREME Court] – The concept of mensrea was an essential requirement for penalty u/s 271(1)(c) – In this case different authorities were having different opinions as well as different estimates of probable G.P. rate for this same year – Decided against Revenue.
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