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2014 (8) TMI 33 - HC - Income TaxPenalty u/s 271(1)(c) – Disallowance of deduction u/s 80HHC – Held that:- CIT(A) set aside the penalty and it has been confirmed by the Tribunal - assessee has disclosed all the material facts while filing the return of income - disallowance of the Assessee’s claim of issues cannot amount to concealment of income or furnishing of inaccurate particulars of income - Tribunal rightly observed that when the issue like unit wise deduction, exclusion of excise duty and sales tax from total turnover etc. had been a matter of dispute between the Department and the Assessee and thus the issue of deduction is a debatable one on which two opinions are possible, penalty under Section 271(1)(c) of the Act is not required to be imposed / levied – order of the Tribunal is upheld – Decided against Revenue.
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