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2014 (4) TMI 471 - AT - Income TaxDeletion of penalty u/s 271(1)(c) - Penalty u/s 271(1)(c ) imposed on basis of addition made on account of difference between ALP determined by TPO – CIT(A) deleted penalty imposed u/s 271(1)(c) of Act – Held that:- difference in ALP arose only on account of difference of opinion between assessee and TPO with regard to use of multiple year data and selection of certain companies as comparables - CIT (A) is correct in holding that difference in value of ALP was due to difference of opinion with regard to certain issues in context of interpretation of statutory provisions and not due to lack of good faith and due diligence - Issues on basis of which ALP shown by the assessee has been rejected are debatable - Hence cannot be said to be leading to concealment of income or furnishing inaccurate particulars of income when the assessee has obtained the TP report from an external expert - CIT (A) was justified in deleting penalty u/s 271(1)(c) of Act - Ratio laid down by Appellate Tribunal, Mumbai Bench in case of DCIT vs. RBS Equities India Ltd. [2011 (8) TMI 459 - ITAT MUMBAI] squarely applies to facts of present case – No infirmity in order of CIT (A) in deleting penalty imposed u/s 271(1)(c ) of Act – Decided against Revenue.
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