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2015 (1) TMI 961 - AT - Income TaxPenalty u/s 271(1)( c) - disallowance of deduction u/s 80IB on income the assessee has concealed the particulars of its income or filed inaccurate particulars of income - Held that:- . The assessee has filed revised return of income. The assessee has not claimed the deduction u/s80IB. We find that the penalty u/s271(1)( c) is not leviable merely because the disallowance of particular claim made by the assessee was upheld. We find that the assessee has raised a bonafide claim, which was ultimately accepted in assessment year 2005-06. Therefore, when the assessee has claimed the deduction under bonafide and all the facts were disclosed before the department, it cannot be said that the assessee had concealed its particulars of income and no penalty can be levied. Therefore, we find that the assessee has made a bonafide claim and the issue was in favour of the assessee. Therefore, we are of the view that the ld.CIT(A) has taken a view that assessee has bonafide claim, which was disallowed and no penalty can be levied. Therefore, we are of the view that the ld.CIT(A) is justified in deleting the penalties levied u/s271(1) (c ) of the Act for the assessment years 2007-08 and 2008-09. - Decided in fvaour of assessee.
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