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2016 (9) TMI 1001 - ITAT PUNELevy of penalty u/s. 271(1)(c) - eligible for deduction u/s. 80IB(10) - Held that:- It is a well settled law that where the issue is debatable, penalty cannot be levied. In the case of assessee the Tribunal has held the additional income declared by assessee on account of extra sale consideration to be assessed under the head ‘Income from other sources’. Whereas, there are decisions of the Tribunal where on-money declared during search was held to be business income and the assessee was allowed to claim benefit of deduction u/s. 80IB(10) on such income disclosed. In such circumstances no penalty can be levied where two different views have been taken and the issue becomes debatable. - Decided in favour of assessee.
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