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2011 (11) TMI 165 - AT - Income TaxWaiver of penalty – addition made on disallowance of expenses viz inter-corporate deposits , sales commission, factory misc exp – Public Limited Company - even after additions the assessed income remained a loss - Held that:- This is a case where explanation of the assessee has not been accepted by the Department. The levy of penalty is merely on disallowance of expenditure and not finding of concealment of any particulars or mala fide intention to reduce the taxable income. Therefore, penalty is waived. - Decided in favor of assessee.
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