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2011 (11) TMI 760 - AT - Income TaxPenal proceedings u/s 271(1)(c) - Held that:- There can be no addition on any account and, consequently, the stand of the Ld. CIT (A) in sustaining 50% of ₹ 1.05 crores requires to be deleted. It is ordered accordingly. In a nut-shell, the addition of ₹ 1.05 crores made by the AO u/s 69C of the Act is deleted. The other grievance of the appellant being that the Ld. CIT (A) had erred in not allowing consequential higher deduction u/s 80HHC of the Act. Penalty deleted.
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