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2014 (5) TMI 964 - AT - Income TaxPenalty u/s 271(1)(c) of the Act - Claim of exemption u/s 10A of the Act Failure to substantiate Held that:- As decided in assessee's own case for the earlier assessment year, it has been held that the AO as well as the CIT(A) has disallowed the claim of deduction to the assessee on the ground that the same was not claimed in the return of income filed nor any revised Return was filed - the assessee preferred claim of deduction u/s 10A of the Act - Only when the assessee was informed that his claim u/s 10A is not allowable occasion for claiming deduction u/s 80HHC arose - The assessee could not have claimed deduction u/s 10A and u/s 80HHC simultaneously in the same computation - the Audit Report required for claiming deduction u/s 80HHC was filed before completion of the assessment - CIT(A) was not justified in not entertaining the bonafide claim of the assessee by exercising Appellate power conferred upon him - the assessee was eligible for acclaiming deduction u/s 80HHC and the deduction in accordance with the law ought to have been allowed to the assessee the AO is directed to set aside the penalty Decided against Revenue.
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