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2017 (2) TMI 1197 - HC - Income TaxPenalty under Section 271(1)(c) - claiming the deduction under Section 10A - Held that:- For the assessment year under consideration, the assessee had shown the date of commencement of production in Form 56F, as 01.06.1999. The assessee had not concealed the date of production or had not made any mistake in pointing out the same. The authorities, therefore, rightly held that the assessee had not concealed anything and not stated any incorrect particulars of income in the years under consideration. The assessee had claimed the benefit under Section 10A of the Act under a bonafide belief that since the deduction was not claimed under the said provisions for the three assessment years i.e. 2006-07, 2009-10 and 2010-11, the claim for deduction in the year 2010-11, being the 9th or the 10 year, could be claimed. Both the authorities have concurrently found that claiming the deduction under Section 10A of the Act by the assesses was a bonafide mistake and the assessee had not concealed any material facts as the assessee had clearly pointed out the date of commencement of the production in Form No. 56F, as 01.06.1999. The authorities had found that since the mistake committed by the assessee was brought to the assessee's notice, the assessee unconditionally withdrew the said claim and offered the said amount as income of the relevant year and paid the tax on the same. In the present case, the assessee has tendered an explanation which he was able to substantiate and prove to be bona fide before the Commissioner of Income Tax (Appeals). - Decided in favour of assessee.
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