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2015 (4) TMI 1093 - AT - Income TaxPenalty under Section 271(1)(e) - disallowance of claim made by the assessee under the head interest paid - Held that:- Any addition made by the AO should not lead to automatic levy of concealment penalty. Making a disallowance is different from levying penalty u/s.271(1)(c) of the Act. Fact of the case are that she had paid interest amounting to Rs. ₹ 32.40 lacs, that she was under the bonafide belief that the same was an allowable expenditure, that she had filed one of the plausible explanation before the AO during penalty proceedings. Considering the background and the tax effect involved we are of the opinion that it was not a fit case of levy/confirming the penalty. See Mahavir Irrigation Pvt.Ltd. [2011 (8) TMI 21 - DELHI HIGH COURT] - Decided in favour of assessee.
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