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2010 (12) TMI 242 - ITAT, MUMBAIPenalty u/s 271(1)(c) - Concealment of income - Disallowance of bad debt written off, depreciation, capital gain on slump sale of unit - Supreme Court in the case of CIT v. Reliance Petroproducts Ltd. (2010 (3) TMI 80 - SUPREME COURT) , merely because the assessee has made a legal claim, even if inadmissible, the assessee cannot be imposed penalty under section 271(l)(c) of the Act - Assessee does not provide any inaccurate claim in his return - The assessee gets the relief accordingly – Appeal is allowed
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