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2014 (1) TMI 177 - AT - Income TaxImposition of Penalty u/s 271(1)(c) of the Act Calculation of deduction u/s 80-HHC of the Act Held that:- The assessee was under bona fide belief that the income has been generated only from 100% export business and the disclosure was accordingly made as "business income" and claim u/s 80HHC accordingly calculated Following CIT Vs. Reliance Petroproducts Ltd. [2010 (3) TMI 80 - SUPREME COURT ] - assessee's claim u/s 80-HHC are disclosed in the return of income - The assessee's CA certified the amount of allowability of deduction u/s 80-HHC including the said sum of Rs. 95 lacs which was treated to be earned from 100% export business - The fact that assessee is a 100% exporter and has no domestic business, has not been disputed the order for penalty u/s 271(1)(c) of the Act set aside Decided in favour of Assessee.
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