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2013 (3) TMI 457 - AT - Income TaxPenalty U/s 271(1)(c) - Guidance note for the accounting of finance lease transaction a per ICAI - The assessee had reduced the equalization account from the income earned from the leasing and hire purchase - Held that:- We rely on the judgment of Hon'ble Supreme Court in CIT v/s Reliance Petroproducts Pvt. Ltd.(2010 (3) TMI 80 - SUPREME COURT ). The claim of assessee has been disallowed, is a debatable matter and under such circumstances, no penalty can be levied under section 271(1)(c). - Decided against revenue.
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