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2013 (3) TMI 533 - ITAT MUMBAIPenalty u/s.271(1)(c) - Disallowance of interest - Notice u/s.148 – Badla interest is assessed under the head “Income from other sources” then the bad debts cannot be allowed as there is no income assessable under the head “business” - Held that:- In the case of Dilip Shroff (2007 (5) TMI 198 - SUPREME Court)has explained the expression “concealment” and “inaccurate particulars”. Merely because the claim is rejected by the A.O., which is not otherwise mala fide no penalty can be levied. In the present case, Once the legal interpretation is to put into process but otherwise all particulars are on record it cannot be said that the assessee has filed any inaccurate particulars or concealed particulars of income. In our opinion, the assessee’s claim of bad debt cannot be treated as a mala fide claim. This is not fit case for levying the penalty u/s.271(1)(c). - No penalty - Decided in favor of assessee.
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