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2022 (6) TMI 120 - ITAT MUMBAIPenalty u/s 271(1)(c) - disallowance of deduction u/s 10AA and disallowance on allocation of loss premium - HELD THAT:- The first addition is with respect to the disallowance of deduction under Section 10AA of the Act. The co-ordinate Bench [2019 (6) TMI 858 - ITAT MUMBAI] has deleted the above disallowance. Merely, because the same has been agitated before the Hon'ble High Court, the penalty cannot be levied. As on this date the above addition does not stand and it is decided in favour of the assessee, the penalty to that extent has been correctly deleted by the learned Commissioner of Income-tax (Appeals). Addition/disallowance of loss on option premium allocated to the SEZ unit the co-ordinate Bench has remanded the matter back to the file of the learned Assessing Officer. Therefore, when the particular addition has been restored back to the file of the learned Assessing Officer, the power of the learned Assessing Officer for initiation of penalty proceedings, if in set aside proceedings, the learned Assessing Officer is satisfied that there is concealment of income or furnishing of inaccurate particulars of income to initiate the penalty. However, at the present stage there is no infirmity in the order of the learned CIT(A). Hence, we uphold the order of the learned CIT(A) deleting the penalty under Section 271(1)(c) of the Act. Accordingly, the order of the learned Assessing Officer is dismissed.
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