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2020 (10) TMI 1192 - AT - Income TaxPenalty u/s 271(1)(c) - unproved claim of purchases - HELD THAT:- Hon’ble Supreme Court in CIT-2 Lucknow Vs. U.P State Bridge Corporation Ltd. [2018 (8) TMI 766 - SC ORDER] observed, that where a claim of expenditure is neither found inaccurate nor could be viewed as concealment of income on the part of the assessee, then, merely because the said claim was not accepted or acceptable to the revenue, that by itself would not attract penalty under Sec. 271(1)(c). In the case before us, as the revenue had failed to disprove to the hilt on the basis of clinching documentary evidence the authenticity of the claim of the assessee of having made purchases from the aforementioned parties, therefore, merely on the basis of the unproved claim of purchases no penalty under Sec. 271(1)(c) could have been validly imposed on it. - Decided against revenue.
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