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2017 (4) TMI 1446 - AT - Income TaxPenalty u/s 271(1)(c) - addition for non-compliance with Sec. 40(a)(ia) - HELD THAT:- CIT(A) made no mistake in deleting the penalty inasmuch as she has recorded a categorical finding that there was no concealment or furnishing of inaccurate particulars of income though the claim for deduction of expenditure of interest was otherwise found disallowable. According to the CIT(A), no particulars regarding the claim furnished by the assessee were found to be inaccurate or erroneous. According to the CIT(A), it is merely a case where the claim made by the assessee has been denied, and that too, on the basis of non-compliance with Sec. 40(a)(ia) of the Act, which was only a technical default by the assessee. The discussion made by the CIT(A) clearly brings out that the attributes required for imposition of penalty u/s 271(1)(c) of the Act in the present case are missing and, therefore, the penalty has been rightly deleted by her. Accordingly, the order of CIT(A) is hereby affirmed and Revenue fails in its appeal.
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