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2017 (1) TMI 739 - AT - Income TaxPenalty u/s. 271(1)(c) - Held that:- CIT(A) by relying upon the Hon’ble Supreme Court of India decision in the case of CIT vs. Reliance Petroproducts (P) Ltd. [2010 (3) TMI 80 - SUPREME COURT] has observed that the assessee had given an explanation, which is bonafide. There is no furnishing of inaccurate particulars of income or deliberate attempt to conceal income, hence, he rightly deleted the penalty in dispute. Even otherwise, we note that the addition on which the penalty in dispute was levied, has already been deleted by the ITAT [2016 (3) TMI 647 - ITAT DELHI], hence, the penalty in dispute will not survive. - Decided in favour of assessee.
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