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2014 (12) TMI 1153 - AT - Income TaxPenalty under section 271(1)(c) - Held that:- The assessee has disclosed all the particulars of the income and it cannot be stated that the assessee has concealed any particular and furnished incorrect particulars. Once proper disclosures have been made then penalty is not attracted in view of the decision of the hon'ble Supreme Court in the case of CIT v. Reliance Petroproducts P. Ltd. [2010 (3) TMI 80 - SUPREME COURT]. Further the return was filed on the basis of the certificate issued by the chartered accountant and even if it is a mistake on the part of the chartered accountant, the assessee can always take the shelter that he was under bona fide belief on the basis of such advice that deduction was claimed on the basis of such bona fide belief. Therefore, in our opinion this is not a fit case for levy of penalty - Decided in favour of assessee.
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