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2013 (3) TMI 704 - HC - Income TaxPenalty under section 271(1)(c) - Tribunal deleted the penalty on the ground that in quantum appeal, the disallowance made by the Assessing Officer has been deleted - revenue has filed appeal before this Court, wherein the revenue has sought to justify the disallowances by placing reliance on Explanation 5 introduced to section 9 of the Act by the Finance Act, 2012 with retrospective effect from 1st June, 1976 - Held that:- The very fact that the law has been amended with retrospective effect clearly shows that the issue was debatable and in the absence of any failure to disclose material facts necessary for the purpose of assessment, the deletion of penalty levied under section 271(1)(c) of the Act cannot be faulted. - Decided in favour of assessee.
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