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2016 (8) TMI 902 - ITAT MUMBAIPenalty u/s. 271(1)(c) - whether assessee’s project is complete or not? - Held that:- In view of the order of the Third Member in assessee’s own case, it is clear that the issue is highly debatable whether assessee’s project is complete or not and this being the situation, we are of the view that the penalty is not leviable u/s. 271(1)(c) of the Act. Furthermore, the assessee has not furnished any inaccurate particulars of income for the reason that the assessee’s view that the project was not complete due to the ongoing litigation, whereas the AO was of the view that the project was completed during the year under consideration. He has computed the income based on all the facts and figures available in the Finance Statements of the assessee and accordingly this is not a case of furnishing of inaccurate particulars of income. In terms of the above, we confirm the order of the CIT(A) deleting the penalty. - Decided against revenue.
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