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2011 (6) TMI 451 - AT - Income TaxPenalty u/s 271(1)(c) - wrong claim of deduction u/s 80-IB - Held that:- With regard to the claim of deduction on account of export incentive/DEPB u/s 80-IB at the relevant time of making the aforesaid claim, there was diversity of opinion between various Courts and the Tribunal. However, there is no merit in holding the assessee to have furnished inaccurate particulars of income in respect of such claim, which was debatable. The assessee has disclosed the material facts relevant for the computation of its income in its return of income and had also furnished a report of the chartered accountant though incomplete. In respect of such a claim, no justification in the levy of penalty where the claim of the assessee is being denied being a debatable issue. Non-fulfilment of the conditions laid down u/s 80IB - Held that:- Where the assessee had disclosed complete particulars vis-a-vis its claim of deduction u/s 80-IB in the return of income filed by it, which was accompanied by audited Financial Statements and also audit report in Form No. 10CCB, though incomplete as per the Assessing Officer, there is no merit in levy of penalty u/s 271(1)(c) Dis-allowance of deduction u/s 80HHC which was made on the subsequent amendment to the provisions of section 80HHC in respect of DEPB - Held that:- The said amendment being not there at the time of filing of the return by the assessee cannot be held to have furnished inaccurate particulars of income in respect of its claim of deduction u/s 80HHC of the Act - Decided in favor of Assessee.
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