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2012 (7) TMI 397 - AT - Income TaxPenalty u/s. 271(1)(c) of the Income Tax Act - deduction claimed from the rental income - standard deduction u/s. 24(a) – Held that:- Non-acceptance of the assessee's claim in quantum proceedings would not make it any less a honest claim - assessee’s claim bears a lower incidence of tax is a matter incidental, and by itself of no consequence - genuine ground, with the material facts having been disclosed - to the extent the claim is for standard deduction against rental income, the same raises no question of substantiation, i.e., is self corroborative - no case for the levy of penalty u/s 271(1)(c) of the Act - appeal by the assessee is allowed
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