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2016 (6) TMI 31 - AT - Income TaxLevy of penalty u/s.271[1][c] - Held that:- Considering the decision from Hon’ble Apex Court in CIT vs Reliance Petro Products Pvt. Ltd. (2010 (3) TMI 80 - SUPREME COURT ), wherein, on the issue whether merely because, the assessee has claimed expenditure, which was not accepted or was not acceptable to the Revenue that by itself would not attract penalty, clearly favours the claim of the assessee. Thus in the present case we direct the Ld. Assessing Officer to delete the penalty - Decided in favour of assessee
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