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2017 (9) TMI 169 - GUJARAT HIGH COURTPenalty u/s. 271(1)(c) - rejection of claim of deduction - inaccurate claim - Held that:- The assessee had raised a certain claim of deduction. Though this claim was rejected, it was found that the assessee had not supplied inaccurate particulars of the income. The Tribunal therefore referred to the decision of the Supreme Court in case of CIT vs. Reliance Petroproducts Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT] and held that merely because a claim has been rejected, that by itself would not mean that penalty should also attach. - Decided in favour of assessee.
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