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2012 (7) TMI 35 - HC - Income TaxJustification of deletion of penalty under section 271(1)(c) - provision for obsolescence - Disallowance of 25 per cent by AO - Held that:- It is not in dispute that disallowance has been made by the Revenue only to the extent of 25 per cent. of the total claim on the ground that the old model could easily be sold in the market to the customers since the customers of this line also purchased old model even after launching new model in the market - as assessee’s claim has not been fully rejected AO has not given any such finding that the assessee’s claim was otherwise a false claim and the addition made by the AO could at best be considered due in difference of opinion between the assessee and the Department but cannot be said to be a claim of such a nature which could be considered to be false and in respect of which the penalty under section 271(1)(c) is to be levied - uphold the order of the learned CIT(A) in deleting the penalty - in favour of assessee.
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