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2010 (2) TMI 713 - HC - Income TaxPenalty u/s 271(1)(c) - Whether claim of excessive deduction u/s 80-O amounts to escaping of Income. - Held that:- the appellant has proved its guilty mind of deliberately furnishing inaccurate particulars of income to claim higher deduction and thus escaping the correct imposition of taxes. It is settled now that claiming excessive deductions also amounts to concealment of income. - penalty was rightly imposed by the Assessing Officer and confirmed by the Commissioner of Income-tax (Appeals) - decided against Assessee.
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