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2020 (10) TMI 414 - ITAT PUNEPenalty levied u/s.271(1)(c) - addition made on account of prior period expenses and foreign exchange loss - CIT(A) himself upheld the action of the AO in respect of the quantum addition - HELD THAT:- Revenue has not doubted the genuinity of the return filed by the assessee and has not said that the particular of expenses claimed in the return were not correct. The expenses were claimed and quantum additions have been upheld by the Tribunal. However, in the separate proceedings of penalty u/s.271(1)(c) of the Act when the Revenue has accepted the return of the assessee and has not brought on record any material to show that whatever stated in the return is incorrect or inaccurate, in such scenario, there is no question of imposing penalty under the said provision. In view of the above facts and circumstances and relying on the aforesaid judgment of the Hon‟ble Apex Court in the case of CIT vs. Reliance Petro Products Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT] we are of the view that on these grounds, penalty u/s.271(1)(c) of the Act cannot be levied. Thus, Ground No.1 and 3 raised in appeal by the Revenue are dismissed.
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