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2009 (7) TMI 74 - HC - Income TaxPenalty u/s 271(1)(c) – wrong application of provisions – amount paid to employees under voluntary retirement scheme – deduction is available u/s 35DDA but assessee claimed deduction u/s 37(1) - assessee believed that the payment made in a settlement arrived at under Section 18(1) of the Industrial Disputes Act, would qualify as revenue expenditure and it could claim the entire deduction under Section 37 of the Income Tax Act. – whereas Section 35 DDA of the Act covers such a situation – held that ingredients of Section 271(1)(c) of the Act are not satisfied – penalty not to be imposed.
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