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2019 (4) TMI 264 - AT - Income TaxPenalty u/s 271(1)(c) - deduction u/s 80IC - restricting claim to 25% of the eligible profits as against 100% claimed by on account of substantial expansion carried - addition made in the quantum proceedings had been upheld both by the CIT(A) and the I.T.A.T. - bonafide belief - HELD THAT:- Identical issue of levy of penalty on account of restriction of claim of deduction u/s 80IC to 25% of the eligible profits 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] by the I.T.A.T. holding that this claim f 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. Thus we delete the penalty levied u/s 271(1)(c) - decided in favour of assessee.
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