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2023 (3) TMI 514 - ITAT BANGALOREPenalty u/s 271(1)(c) - claiming deduction under a wrong head by the assessee - HELD THAT:- As from the quantum of order passed by the NFAC against the assessment order passed u/s. 144 of the Act, we note that the addition stands substantially reduced and the penalty cannot be levied as observed by the NFAC. Revenue has not been able to find out or bring on record any documents / evidences to establish the necessary requirement for the levy of penalty u/s. 271(1)(c) which is either furnishing of inaccurate particulars and / concealment of income. Assessee had relied on the decision of Hon’ble Bombay High Court in case of Commissioner of Income-tax-I, Mumbai vs. Bennett Coleman & Co. Ltd.[2013 (3) TMI 373 - BOMBAY HIGH COURT] in which the same ratio has been laid down. Respectfully following the above, we do not find any merit in the grounds raised by the revenue.
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