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2010 (8) TMI 448 - HC - Income TaxPenalty u/s 271(1)(c) - The respondent/assessee stated to have claimed depreciation on goodwill - According to the appellant such claim was rejected in the earlier assessment years - The assessee chose to make the claim for the present assessment year also - On that basis, it cannot be held that the claim itself was bogus - Tribunal held that the claim of depreciation was not a bogus claim - Therefore, mere disallowance would not attract levy of penalty under Section 271(1)(c) - The appeal fails and the same is dismissed.
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