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2016 (2) TMI 915 - ITAT MUMBAIPenalty u/s 271(1)(c) - bad debts deduction u/s 36(2) disallowed by AO on the ground that the claim has not been satisfactorily explained by the assessee - Held that:- Even if, it is presumed that a wrong claim was made, still, it cannot be concluded that the assessee furnished inaccurate particulars or concealed its income. The decision from Hon’ble Apex Court in Reliance Petro Products Ltd. (2010 (3) TMI 80 - SUPREME COURT ), holding that mere making a wrong claim itself does not tantamount to furnishing inaccurate particulars or concealing of income, clearly comes to the rescue of the assessee. Respectfully, following the same, the penalty of ₹ 17,496/- imposed u/s 271(1)(c) of the Act, is directed to be deleted - Decided in favour of assessee
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