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2010 (1) TMI 842 - AT - Income TaxPenalty levied by the AO u/s.271[1][c] of the Income Tax Act - Deduction u/s.33AC of the Act - assessee has furnished inaccurate particulars of its income and by falsely claiming deduction u/s.33AC of the Act has concealed the particulars of its income and tried to evade tax on interest income - Held that:- interest income as income from other sources, Tribunal has already deleted the addition and has directed the AO to treat the income as business income and therefore penalty to that extent stands deleted Levy of penalty on non offering of income as long term capital gains - Held that:- penalty is not to be levied automatically in every case of non-payment or short payment of tax but the conditions expressly mentioned in the section for its application should be satisfied, assessee has furnished all the particulars relevant for the computation of its income and there is no furnishing of any inaccurate particulars of income justifying the penalty u/s.271[1][c] of the Income Tax Act. [Dharmendra Textile Processors (2008 - TMI - 31520 - SUPREME COURT )] penalty levied on this ground is also deleted, assessee's appeals are allowed.
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