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2012 (11) TMI 797 - AT - Income TaxPenalty u/s 271(l)(c) of the IT Act - appellant submitted that it had not committed any default of concealing particulars of is income or furnishing inaccurate particulars of income; the penalty with regard to concealment was not applicable as the deduction u/s. 80HHC was duly claimed in the return of income on the basis of export achieved during the year and the deduction has been claimed on the basis of the certificate issued by the Chartered Accountant, who had duly verified all the export turnover figures – As per Circular No.2/2006, in respect of addition u/s 80HHC with respect to DEPB, the AO in fact should not have imposed the penalty at all - no penalty shall be levied or interest shall be charged in respect of any fresh demand raised consequent to the enactment of Taxation Laws (Amendment) Act, 2005, on account of variation in the returned/assessed income attributable to profits on sale of DEPB credits or DFRC - matter restored back to the file of the CIT(A)
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