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2017 (1) TMI 1336 - ITAT AHMEDABADLevy of penalty u/s .271(1)(c) - Complete disallowance u/s 10B deduction - Held that:- The case file already indicates that the assessee has been granted an STPI registration on 18.02.2009. Learned CIT(A) has thus held it entitled for the impugned deduction w.e.f. the said date on proportionate basis. We afforded adequate opportunity of hearing to both the parties. The Revenue fails in disputing assessee’s above certification w.e.f. 18.02.2009 so as to deny it Section 10B deduction relief. The latter party has also not been able to repel the CIT(A)’s conclusion holding it entitled for Section 10B deduction only w.e.f. the date of certification i.e. 18.02.2009 instead of the entire relevant previous year. We accordingly find no reason to interfere in well reasoned CIT(A)’s order under challenge Penalty u/s.271(1)(c) - Held that:- There is hardly any dispute in view of our findings on quantum issue that the assessee’s auditor’s statement about its non STPI certification allegedly made in the course of assessment was factually incorrect as the assessee’s certification stood proved w.e.f. 18.02.2009 (supra) as concluded in the above quantum proceedings. We thus observe that the learned CIT(A) has rightly quoted hon’ble apex court’s decision in a Reliance Petroproducts case [2010 (3) TMI 80 - SUPREME COURT] to conclude that the assessee’s bonafides are very much in order and each and every disallowance/addition made in the course of quantum proceedings does not necessarily resulting in Section 271(1)(c) penalty in question.
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