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2015 (6) TMI 853 - ITAT DELHIPenalty u/s 271(1)(c) - assessee accepted that he had furnished inaccurate particulars of income u/s 80IB of the Act and withdraw the claim - Held that:- The assessee has withdrawn its claim of deduction filed u/s 80IB of the Act at the very outset of assessment proceedings prior to issuance of notice u/s 142(1) of the Act and the reason as explained by the assessee was that their claim was valid but as they are not in possession of excise certificate indicating date of commencement of business, therefore, they agreed for addition in this regard. As relying on CIT vs Reliance Petroproducts Ltd.(2010 (3) TMI 80 - SUPREME COURT) wherein their Lordships held that merely because the claim of the assessee was not accepted or not found to be acceptable by the revenue authorities, that by itself would not attract penalty u/s 271(1)(c) of the Act. In the present case, we disagree with the conclusion of the AO that the assessee had furnished either inaccurate particulars of income or submitted wrong statement of its income during assessment proceedings and as we have noted above the assessee withdrew its claim of deduction us/ 80IB of the Act before initiation of assessment proceedings. Therefore, we approve the conclusion of the CIT(A) deleting the penalty - Decided in favour of assessee.
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