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2016 (5) TMI 626 - AT - Income TaxPenalty u/s. 271(1)(c) - no allowability of claim of expenses - Held that:- Where the difference between the assessee and the Revenue is merely on account of difference in the year of allowability of claim, and in the absence of any finding or doubt with regard to the genuineness of the expenses claimed, the penal provisions of Sec. 271(1)(c) of the Act are not attracted. In our considered opinion, the aforesaid proposition clearly covers the instant case and the penalty levied u/s. 271(1)(c) of the Act deserves to be deleted. Apart therefrom, on the issue of uniformity of approach, it has also been established by the appellant that similar disallowance made in the Assessment Years 2006-07 and 2008-09 have not resulted in levy of penalty by the Assessing Officer itself. This fact-situation also justifies the assertion of the assessee that the impugned penalty deserves to be set-aside, and we do so. - Decided in favour of assessee
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