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2018 (2) TMI 1711 - BOMBAY HIGH COURTPenalty under Section 271 (1)(c) - Non accounting for interest receivable as well as interest payable in respect of the amalgamating companies - Held that:- Respondent-Assessee had bona fide taken policy decision of not accounting for interest receivable as well as interest payable in respect of the amalgamating companies. This claim of not accounting for interest, was made on full disclosure and on the basis of policy decision. This also resulted in the Respondent-Assesssee not taking the benefit interest expenditure, thus, resulting in higher taxable income. Moreover, non-acceptance of the claim of the Assessee, by the Revenue would not by itself lead to penalty as held by the Apex Court in CIT v/s. Reliance Petrochemicals Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT] - Decided in favour of assessee.
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