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2015 (12) TMI 1521 - AT - Income TaxPenalty under section 271(1)(c) - deduction claimed under section 80IB(10) denied - Held that:- The assessee before us had furnished complete details with regard to the computation of income in his hands and also the details with regard to the computation of deduction under section 80IB(10) of the Act in Form No.10CCB, which was filed along with return of income. Though the deduction under section 80IB(10) of the Act was denied to the assessee, but because of judicial propositions on the issue of allowability of the said deduction, we find that the assessee had prima facie bonafide claim vis-à-vis the deduction under section 80IB(10) of the Act. In such circumstances, where the assessee had furnished complete details and the claim of the assessee was a bonafide claim, merely because the deduction claimed under section 80IB(10) of the Act was denied to the assessee, does not merit the levy of penalty for concealment of income or furnishing of inaccurate particulars of income under section 271(1)(c) of the Act. In this regard, we find merit in the reliance placed upon by the learned Authorized Representative for the assessee on the ratio laid down by the Hon’ble Supreme Court in CIT Vs. Reliance Petro Products (2010 (3) TMI 80 - SUPREME COURT ). - Decided against revenue
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