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2019 (7) TMI 18 - ITAT PUNEPenalty u/s 271(1)(c) - excess deduction under the said Chapter VI of the Act - assessee claimed the entire such expenditure as the expenditure of the ineligible unit in original return - revised return filed correcting allocation of the said generation expenses - HELD THAT:- Penalty levied by the Assessing Officer and confirmed by the CIT(A) is unsustainable in law. The facts that the assessee filed the revised statements and his attempt to file the revised return, the payment of relevant taxes on the said additional/corrected income demonstrate the good faith of the assessee and the same shall shield the assessee from rigors of the penalty provisions u/s 271(1)(c). As such, the details of general expenditures are borne out of the return of income. The revised computation with correct allocation of the said expenditure between the eligible and ineligible undertakings cannot be directly attributable to the efforts of the Assessing Officer as no show cause was issued to the assessee on this issue of incorrect allocation of the said expenses. Thus, the grounds raised by the assessee should be allowed in favour of the assessee.
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