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2016 (4) TMI 345 - AT - Income TaxLevy of penalty u/s. 271(1)(c) - Held that:- The assessee has shown the nature of expenditure in its books of account. Merely claiming of expenditure under wrong head would not make the assessee liable for penalty under the provisions of section 271(1)(c) of the Act. It is not the case of Revenue that the assessee has not disclosed the details of expenditure claimed. The Hon'ble Apex Court in the case of Commissioner of Income Tax Vs. Reliance Petroproducts (P.) Ltd. (2010 (3) TMI 80 - SUPREME COURT ) has held that penalty u/s. 271(1)(c) cannot be levied merely because the assessee had claimed expenditure which was not accepted by the Revenue. - Decided in favour of assessee.
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