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2013 (12) TMI 1259 - HC - Income TaxDeduction u/s 80HHC on goods manufactured and traded by self - Held that:- The deduction u/s 80HHC was a legally debatable issue - After the judgment of Apex Court in IPCA Laboratories (supra) the entire provisions of Income Tax Act under Section 80HHC were modified - If assessee's entire claim had been disallowed because of the decision of the Supreme Court in IPCA vs. DCIT [2004 (3) TMI 9 - SUPREME Court] that would not have tantamounted to assessee concealing its income or furnishing inaccurate particulars of its income, because the assessee has made calculation of deduction u/s 80HHC as per the then prevailing interpretation - In such case the conditions necessary for levy of penalty under Section 271 (1) (c) of the Act are not fulfilled - The Income Tax Authorities did not find that the assessee had either concealed the particulars of his income or furnished inaccurate particulars of such income, to attract the levy of penalty - Decided against Revenue.
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