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2020 (1) TMI 1481 - AT - Income TaxPenalty u/s 271(1) (c) - expenditure incurred on BQS - Revenue or capital expenditure - HELD THAT:- CIT(A) has given a reasoned and detailed order as to why the penalty cannot be levied u/s 271(1)(c) as there is a deference of opinion on the issue of expenditure incurred on BQS whether it is capital or revenue. There is no case of the revenue that the assessee filed inaccurate particulars of income or concealed the income, as all the details in the original return as well as in the revised return was placed before the AO. Merely changing the stand as to how the trade income/expenditure as to be taken as capital or revenue, does not amount to furnishing of inaccurate of particulars or concealment of income. Therefore, the CIT(A) was right in deleting the penalty. There is no need to interfere with the findings of the CIT(A). The facts are identical in A.Y. 2008-09 as well. Therefore, both the appeals of the revenue are dismissed.
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