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2018 (12) TMI 703 - HC - Income TaxPenalty levied u/s 271(1)(c) - disallowance of claim u/s 80IB(9) - Held that:- Revenue had raised the question of the quantum additions being deleted in connection with the assessee's claim of deduction under Section 80IB(9). This would mean that the decision of the Tribunal with respect to the quantum additions has become final. If that be so, obviously the penalty in relation to such additions cannot be sustained. Revenue stated that the order of the High Court dated 16th March, 2017 refers only to the additions under Section 80(9). There were other additions in the same assessment year 2007-08. If that be so, the rest of the issues do not even appear to have been challenged by the Revenue in the said appeal. Even on that ground no further penalty can be sustained. We also notice that the Revenue is contesting the deletion of penalty on account of interest income, foreign exchange gain and other miscellaneous income. Tribunal has in the impugned judgment given detailed reasons and come to the conclusion that there was complete disclosure on part of the assessee and therefore, no penalty could have been leveled. Tribunal in the process referred to and relied upon the judgment of Supreme Court in case of CIT Vs. Reliance Petroproducts Pvt. Ltd.[2010 (3) TMI 80 - SUPREME COURT] - No question of law.
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