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2015 (12) TMI 299 - ITAT DELHI
Penalty under section 271(1)(c) - Held that:- The assessee has furnished all the details relating to the earning of dividend income. So it cannot be said that the assessee had concealed income or furnished inaccurate particulars of income. The only basis of levying the penalty u/s 271(1) (c) of the Act was that the claim of the assessee for the disallowance u/s 14A of the Act was not accepted by the AO, so it can at the most be a ground for making the addition but was not sufficient to levy the penalty u/s 271(1)(c) of the Act. So we find merit in the appeal of the assessee and direct deletion of penalty levied against the assessee - Decided in favour of assessee