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2016 (4) TMI 460 - ITAT PUNEPenalty under section 271(1)(c) - claim of deduction under section 80IA(iv) - Held that:- We find merit in the claim of the assessee in this regard, where complete information was furnished by the assessee along with return of income and even during the course of assessment proceedings, the assessee furnished the requisite information. Since the total constructed area of Industrial Park was within limits of proposed area of Industrial Park, the assessee bonafidely believed that it was entitled to the claim of deduction under section 80IA(iv) of the Act and the same was made in the return of income. The said claim was further supported by various evidences filed by the assessee and also the claim was in tune with the audit report given by the Auditors. In the entirety of the above said facts and circumstances and applying the ratio laid down by the Hon’ble Supreme Court in CIT Vs. Reliance Petro Products Pvt. Ltd. (2010 (3) TMI 80 - SUPREME COURT ), we hold that there is no merit in levy of penalty proceedings under section 271(1)(c) of the Act upon the assessee holding the assessee to have furnished inaccurate particulars of income. The conditions for levy of penalty for concealment having not been fulfilled, does not warrant levy of penalty under section 271(1)(c) of the Act. - Decided in favour of assessee
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