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2016 (2) TMI 517 - HC - Income TaxPenalty u/s 271(1)(c) - deduction under Section 80IC disallowed - Held that:- Admittedly, the assessee had filed return of income declaring nil income on 30.9.2009 after claiming deduction under Section 80IC. At the time of making return, the issue was debatable and penalty could not have been levied. Further, the Tribunal noticed that the assessee had disclosed all the particulars of the income and had not concealed anything. Once proper disclosure had been made, penalty was not attracted in view of the judgment of the Apex Court in CIT vs. Reliance Petroproducts Pvt. Limited, (2010 (3) TMI 80 - SUPREME COURT ). Further the return which was filed on the basis of the certificate issued by the Chartered Accountant though under mistake, the assessee could take the benefit on the basis of bonafide belief. - Decided in favour of assessee
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