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2012 (8) TMI 490 - AT - Income TaxPenalty u/s 271(1)(c) - dis-allowance of deduction u/s 80HHC during reopening proceedings, relying on decision in case of IPCA Laboratories (2004 (3) TMI 9 - SUPREME COURT) - assessee contended that where two views are possible, penalty cannot be levied - Held that:- This is a simple case of disallowance of deduction because of a later judgment from the Apex Court, and has nothing to do with either inaccurate particulars or concealment of facts. Revenue is unable to point any omission, concealment or inaccurate and certainly nothing has been found to be “false”, in any case, issue of penalty being not exigible in such circumstances, is now squarely covered by the recent decisions of Apex Court in CIT vs Reliance Petro Products Pvt. Ltd.(2010 (3) TMI 80 - SUPREME COURT). CIT(A) order of cancelling the penalty is upheld - Decided in favor of assessee.
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