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2012 (8) TMI 391 - ITAT, MUMBAIPenalty u/s 271(1)(c) - dis-allowance during reassessment of the claim already allowed u/s 80-IB on ground that project in question was residential cum commercial which did not qualify for deduction u/s 80-IB(10) - dis-allowance in question was however deleted by Coordinate Bench of Mumbai ITAT, upheld by jurisdictional High Court - Held that:- Since dis-allowance has already been deleted by Tribunal and upheld by jurisdictional High Court, hence there exists no basis to levy penalty u/s 271(1)(c). We, therefore, do not find any infirmity in CIT(A)’s order deleting penalty - Decided in favor of assessee.
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