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2018 (8) TMI 1130 - ITAT MUMBAILevy of penalty u/s 271(1)(c) - AO has levied the penalty on the disallowance of expenditure claimed by assessee - However, the AO for AY 2009-10 has levied the penalty only on the item of interest and finance charges - Held that:- In view of the above facts and circumstances of the present case and the case laws of Hon’ble Supreme Court in Price Waterhouse Coopers (P.) Ltd. [2012 (9) TMI 775 - SUPREME COURT] and Reliance Petroproducts Pvt. Ltd [2010 (3) TMI 80 - SUPREME COURT], we are of the view that there is a complete disclosure in the present regarding all the facts relating to expenditure on repairs and maintenance, depreciation and expenditure on interest and financials and hence, there is no question of concealment of particulars of income by the assessee. Hence, we delete the penalty. Decided in favor of assessee.
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