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2015 (12) TMI 102 - AT - Income TaxPenalty u/s 271(1)(c) - deduction under section 80-I denied - Held that:- As evident from the record that the assessee has filed returns of income for the impugned assessment years claiming deduction under section 80I of the Act after the order of the Tribunal. Therefore, the assessee has a reasonable belief that it is entitled for deduction under section 80I of the Act. The legal position has been changed after the judgment of the Hon'ble High Court of Allahabad in the assessee’s case in the year 2012 when a contrary view was taken and it was held that the assessee is not entitled for deduction under section 80I of the Act. Relying upon the verdict of the Hon'ble High Court of Allahabad, the Revenue has levied penalty under section 271(1)(c) of the Act without realizing the fact that when return was filed, there was the order of the Tribunal in the assessee’s own case, in which it was held that the assessee is entitled for deduction under section 80-I of the Act. Therefore, there is neither concealment of income nor furnishing of inaccurate particulars on the part of the assessee. Under these circumstances, we are of the considered view that the Revenue has wrongly levied the penalty under section 271(1)(c) of the Act in the impugned assessment years whereas the assessee has claimed deduction under section 80I of the Act on the basis of the order of the Tribunal. - Decided in favour of assessee.
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