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2016 (8) TMI 567 - HC - Income TaxLevy penalty U/s. 271(1)(c) - whether exemption under Section 80 HHC which was claimed by the assessee was wrongly claimed as he has not done any export? - Held that:- Explanation-4 to Section 271 (1) (c) of the Act was never the basis for passing the impugned order of Assessing Officer. For the first time, this argument has been advanced before us and this contention was never raised before the lower authorities and there is no mention about this ground even in the memo of appeal. It is found by the Tribunal that the this is a case of concealment of income or filing of inaccurate particulars of income and, accordingly, the order of penalty passed under Section 271 (1) (c) by the authorities below is confirmed. In that view of the matter, in our opinion, Tribunal has not committed any error while passing the impugned order. Therefore, present appeal is dismissed and the question posed for our consideration is answered in favour of the assessee and against the revenue.
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