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2015 (3) TMI 1182 - AT - Income TaxPenalty u/s. 271(1)(c) - Held that:- No valid basis in making a claim for bank interest i.e., to the extent covered by section 43B. That is to say that the assessee could not substantiate its claim of it being based either on any material or even as arising on account of a bona fide mistake, validating the charge of penalty in terms of Explanation 1 to section 271(1)(c). Income to that extent, but for its’ scrutiny by the Revenue, would have escaped assessment. The decision in the case of Price Waterhouse Coopers (P.) Ltd. ( 2012 (9) TMI 775 - SUPREME COURT ) is inapplicable in the facts and circumstances of the case. We, accordingly, confirm the penalty thereon, levied at the minimum rate of 100% of the corresponding tax sought to be evaded, to that extent, so that no penalty could be levied on the interest attributable to the cash credit account, which the A.O. shall verify to his satisfaction, excluding also the interest paid, if any, on the term loan up to the due date of the filing the return, which again the A.O. shall verify. - Decided partly in favour of assessee.
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