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2015 (10) TMI 1475 - ITAT MUMBAIPenalty under section 271(1)(c) - Held that:- Undoubtedly, it is not the case of either any concealment of income or furnishing of inaccurate particulars of income. As we see, it is not the case of any revenue loss either. When we look at the decision of Reliance Petroproducts Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT] the hon'ble Supreme Court has very categorically held that penalty cannot be visited if the details and particulars had been placed on record. We find that the assessee made the claim in its return of income, which the Revenue authorities interpreted differently. This means that only on the facts, there was a difference in opinion, as to how to characterise the income/loss. In such a case, where there is a difference of opinion amongst the Revenue authorities themselves, penalty, in such a case is not exigible. We, therefore, set aside the order of the Commissioner of Income-tax (Appeals) and direct the Assessing Officer to cancel the penalty. - Decided in favour of assessee.
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