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2010 (2) TMI 863 - AT - Income TaxLevy of penalty under sec.271(1)(c) of the Act - Held that :- when the assessee claimed deduction under sec. 80-IA in respect of profit derived from trading turnover which at the time of filing return of income was based on judicial precedent and supported by audited account along with audit report relating to claim u/s 80-IA, because of the subsequent decision of jurisdictional High Court if the claim is not allowable, it does not amount to concealment of particulars of income or furnishing inaccurate particulars of income and hence penalty is not leviable. when all the facts are stated correctly but only because there is difference of opinion between the assessee and Assessing Officer on one side and the Tribunal on the other side, it cannot be said that there is concealment of particulars of income so as to levy penalty, penalty levied under sec.271(1)(c) of the Act canceled, the appeal is allowed
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