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2011 (1) TMI 328 - HC - Income TaxPenalty - It appears that on the finding that as per provision of Section 36(1)(vii) of the Act, a sum of Rs.20,00,000/- could not be claimed as allowable claim as the same was not routed through P&L account in the earlier year. penalty was imposed on the ground that such act is a clear case of concealment of income as well as furnishing of incorrect particulars of income - C.I.T.(Appeal) and Tribunal below have set aside the order of penalty on the ground that merely because assessee had claimed certain expenditure which was not acceptable, such act itself cannot attract penalty under section 271(1C) of the Act - Order of CIT(A) and ITAT sustained.
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