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2014 (2) TMI 23 - RAJASTHAN HIGH COURTPenalty u/s 271(1)(c) - Deduction under Section 80P(2) - no claim for deduction was made but it was made by filing the revised return - Held that:- Earlier, the deduction in question under Section 80P(2) was being allowed to the assessee, for being a co-operative society engaged in the business of banking and providing credit facilities - By virtue of insertion of Sub-section (4) by Finance Act, 2006 with effect from 01.04.2007 - The provisions of Section 80P were made inapplicable in relation to any Co-operative Bank other than the Primary Agriculture Credit Society or Primary Co-operative Agriculture and Rural Development Bank - The assessee is not entitled to deduction - Relying upon the decision in CIT v. Reliance Petroproducts (P.) Ltd [2010 (3) TMI 80 - SUPREME COURT] - The claim for deduction is not sustainable - It is not a concealment of particulars of income or furnishing of inaccurate particulars of income - Decided against Revenue.
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