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2013 (9) TMI 1138 - ITAT MUMBAIPenalty u/s 271(1)(c) - violation of provisions of section 80IB(10) - Held that:- The charge levied by the Assessing Officer in the assessment order that the assessee has violated the conditions of constructing the unit (flats) of more than 1,000 sq.ft. is not correct, because insofar as the assessee is concerned, it has constructed all the units less than 1,000 sq.ft. and later on the purchasers have joined the two flats, this cannot be the ground for denying the benefit of the claim under section 80IB(10) to the assessee. At least this cannot be adversely viewed in the penalty proceedings and the assessee’s explanation has not been found to be false or any material has been brought on record, that right from the development stage to the sale of flats, the assessee has constructed flats for more than 1,000 sq.ft. or has sold any unit for more than 1,000 sq.ft. Thus, on this charge, the assessee cannot be held to be guilty of furnishing of inaccurate particulars of income or for concealment of income. Thus, the penalty cannot be levied or confirmed on this score. Accordingly, we set aside the impugned order passed by the learned Commissioner (Appeals) and delete the penalty levied - Decided in favour of assessee.
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