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2020 (3) TMI 1233 - ITAT MUMBAIPenalty u/s 271(1)(c) - Bogus purchases - CIT-A deleted penalty - HELD THAT:- No valid reason to disturb the findings of the Ld.CIT(A) in deleting the penalty levied u/s. 271(1)(c) of the Act on disallowance of purchases as mere disallowance will not attract penalty and when there is complete disclosure of expenses in the books by the assessee. Grounds raised by the revenue are rejected.
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