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2011 (1) TMI 1357 - ITAT MUMBAI
Extract:
.......P. Ltd (supra) to hold that it is a mere disallowance of claims which does not attract any penalty under section 271(1)(c). Accordingly A.O. is directed to withdraw the penalty on the above two grounds. To that extent assessee’s grounds are allowed. 11. In the result, appeal is allowed. Order pronounced in the open court on 19th January 2011.