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2019 (1) TMI 1530 - AT - Income TaxLevy of penalty u/s. 271(1)(c) - assessee had furnished inaccurate particulars of income - disallowance of consultancy fees paid to NNE Pharma Plan India Ltd. - Held that:- We find that the assessee had furnished entire details indicating nature of services rendered by NNE Pharma Plan India Ltd. together with copy of GMP audit report thereon during the course of penalty proceedings. We hold that these details were not appreciated by the authorities below during the penalty proceedings. We further hold that levy of penalty is not automatic. The assessee had duly furnished all relevant details during the course of penalty proceedings. Moreover, mere disallowance of expenditure for non appreciation of relevant facts would not result in levy of penalty. Reliance in this regard is placed on the decision of Hon’ble Supreme Court in the case of CIT Vs. Reliance Petro Products Pvt. Ltd. (2010 (3) TMI 80 - SUPREME COURT). - Decided in favour of assessee.
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