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2018 (3) TMI 1155 - ITAT HYDERABADPenalty u/s 271(1)(c) - Eligible for exemption u/s 54F denied - Held that:- Assessee can only understand that the penalty is initiated for non-furnishing of the information on investment made, unless the AO clarifies that the penalty is initiated for making a wrong or fictitious claim or for making an ineligible claim. We find that the penalty can only be levied only if the assessee furnishes inaccurate particulars of income or conceals its income and not for making any inaccurate claim. In the case before us, the assessee has made an inaccurate claim but has furnished all the relevant data before the AO. Therefore, we are inclined to allow the assessee’s appeal both on ground of invalidity of the notice and also on merits. Therefore, the penalty levied by the AO is deleted.- Decided in favour of assessee.
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