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2017 (12) TMI 518 - AT - Income TaxPenalty u/s. 271(1)(c) - proof of mens rea or guilty mind - claim of provision u/s 36(1)(viia) - Held that:- In view of the order passed by the ITAT in the assessee’s own case, we are of the view that the penalty is not leviable. Moreover, it is not a case of furnishing the inaccurate particulars of income and concealment of particulars of income because we also noticed that the case of the assessee is in connection with the raising of the claim in view of the provision u/s 36(1)(viia) of the Act which has been declined therefore, no penalty is leviable in view of the law settled in CIT Vs. Reliance Petro Product [2010 (3) TMI 80 - SUPREME COURT] in view of the above discussion it is quite clear that the no penalty is liable therefore, we set aside the finding of the CIT(A) on this issue and delete the penalty. - Decided in favour of assesee.
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