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2016 (10) TMI 521 - AT - Income TaxPenalty proceedings under section 271(1)(c) - disallowance of deduction claimed u/s 80IB(10) - Held that:- For mere making of claim which is not acceptable to the revenue, the penalty u/s 271(1)( c) cannot be levied. In the present case, the assessee has made claim which the deduction u/s 80IB (10) of the Act for the first time was allowed by the revenue whereas in the second assessment disallowed and rejected the same and therefore, this is not a fit case for levy of penalty. - Decided in favour of assessee
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