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2016 (2) TMI 429 - ITAT PUNERevision u/s 263 - No levy of penalty under section 271(1)(c) on disallowance u/s under section 14A by AO - Held that:- The assessment was completed under section 143(3) of the Act, under which the disallowance was made by the Assessing Officer under section 14A of the Act read with Rule 8D of the Rules at ₹ 40,92,835/-, as against suo-moto disallowance made by the assessee of ₹ 4,35,012. In respect of the aforesaid addition, the Assessing Officer had issued a notice for levy of penalty under section 271(1)(c) of the Act. However, after considering the submissions filed by the assessee during penalty proceedings, the Assessing Officer dropped the said proceedings vide order dated 20.06.2012. The Assessing Officer thus, exercised a view of not levying the penalty under section 271(1)(c) of the Act on the issue of disallowance under section 14A of the Act read with Rule 8D of the Rules. This view expressed by the Assessing Officer cannot be disturbed by the Commissioner while exercising jurisdiction under section 263 of the Act. - Decided in favour of assessee
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