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2016 (1) TMI 858 - AT - Income TaxPenalty u/s 271(1)(c) - disallowance of deduction under section 80IB(10) - CIT(A) deleted the penalty - Held that:- It may be a fact that assessee has accepted the disallowance under section 80(IB)(10) by not preferring any appeal against the order of the learned Commissioner (Appeals) but that cannot be a reason alone for concluding that assessee has furnished inaccurate particulars of income. When there are enough material on record to show that the issue on which assessee’s claim of deduction under section 80IB(10) was disallowed are highly debatable issues on which more than one view is possible, the assessee’s claim of deduction in the return of income has to be considered to be under bona fide belief that he is eligible for such deduction. As far as the specific allegation of the learned Departmental Representative that assessee has furnished inaccurate particulars of income by mentioning the are of plot to be more than one acre, it needs to be observed that on reference to the same Annexure–A of the audit report, it would be relevant to note that the assessee has also mentioned the area of plot as 3207.20 sq.mtr. which measure to less than one acre. Thus, it appears that the statement of the assessee that plot of area is more than one acre as referred to by the learned Departmental Representative, a bonafide mistake and cannot be termed as furnishing of inaccurate particulars of income. In view of the aforesaid, we are of the opinion that learned Commissioner (Appeals) was justified in deleting the penalty imposed under section 271(1)(c) of the Act. Accordingly, we uphold the order of the learned Commissioner (Appeals). - Decided against revenue
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