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2017 (2) TMI 550 - ITAT MUMBAIPenalty u/s. 271(1)(c) - allowability of project development expenses - Held that:- Respectfully following the judgments of Nayan Builders and Developers and Liquid Investment and Trading Company (2014 (7) TMI 1150 - BOMBAY HIGH COURT ),we hold that after admission of substantial question of law by the Hon’ble Bombay High Court the issue has become debatable and that penalty u/s. 271(1)(c) cannot be imposed in such cases. Reversing the order of the FAA, we decide effective Ground of appeal in favour of the assessee.
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