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2008 (4) TMI 29 - HC - Income TaxPenalty u/s 271(1)(c) due to inaccurate particulars of income by wrongly claiming the deduction u/s 80P(2)(a)(iii) of I.T.Act, as the co-operative society was engaged in manufacturing and not in marketing business - At the relevant time, there were several decisions to support the view that marketing includes processing to make the produce marketable – Since the assessee was having a bonafide belief it would not be right to condemn as a “false” return inviting imposition of penalty.
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