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2019 (3) TMI 725 - AT - Income TaxPenalty u/s 271(1)(c) - bonafide belief - addition made by restricting its claim of deduction u/s 80IC to 25% of the eligible profits as against 100% claimed on account of substantial expansion - HELD THAT:- Levy of penalty on account of restriction of claim of deduction u/s 80IC to 25% of the eligible profit is as against 100% claimed by the assessee beyond a period of five years, claimed on account of substantial expansion carried out, has been decided in favour of the assessee in the case of Hycron Electronics [2015 (10) TMI 2752 - ITAT CHANDIGARH) and M/s Quixotic Healthcare [2019 (1) TMI 1055 - ITAT CHANDIGARH] holding that this claim of the assessee was based on a bonafide belief. The I.T.A.T. held that differing orders passed by the revenue authorities, appellate authorities, the High Court and Supreme Court on this issue lend credence to the fact that the belief of the assessee was a bonafide belief. Since the issue involved in the present case is identical, the decision rendered by the I.T.A.T. in the aforesaid cases is squarely applied to the present case, also following which we delete the penalty levied u/s 271(1)(c). We, therefore, uphold the order of the CIT(A) in deleting the penalty levied.- Decided against revenue
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