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2013 (12) TMI 713 - ITAT DELHIPenalty u/s 271(1)(c) - Under valuation of WIP and deduction u/s 80HHC - Held that:- Following assessee's own case for earlier years - The principle in both years remains same - The penalty for concealment of income cannot be made where there is difference in calculation of an exemption as claimed by assessee and as allowed by Assessing Officer due to difference in opinion in respect of various heads of expenses and income relating to export or non-export income - Decided against Revenue. Penalty for depreciation on film city - Held that:- The assessee relying upon the decision in A. V. Mevyyappa Chettiar claimed depreciation @ 25% on studio building - Up to the date of filing of return that is on 31.12.1999 the decision of the case remained in favour of assessee - Later on the Hon’ble Supreme Court reversed the decision - The depreciation claimed under bonafide belief does not amounts to furnishing of inaccurate particulars of income - Decided against Revenue. Carry forward of loss of amalgamating company - Held that:- At the time of filing of return, the assessee was under a bonafide belief that it will continue to carry on the business of amalgamating company - The addition was debatable as is apparent from the order of Ld. CIT (A) in respect of quantum additions wherein he had reduced the disallowance from Rs. 3 lacs to Rs. 2.50 lacs - Decided against Revenue.
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