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2023 (6) TMI 88 - AT - Income TaxPenalty u/s 271(1) (c) - disallowance of Impact Fees, interest on late payment of TDS and payment towards material purchase - HELD THAT:- Issue under consideration is no longer res integra, and the amount Impex Fees paid to SMC is allowable as business expense. Impex Fees is not penal in nature, thus there is no any violation of any law, for that reliance can be placed on the order of Shree Khodiyar Corporation [2009 (9) TMI 870 - ITAT AHMEDABAD] Penalty should not be levied on account of technical error which was committed by the assessee and there was no intention to furnish inaccurate particulars of income for that reliance can be placed on the judgment of M/s Price Waterhouse Copers ( P) Ltd [2012 (9) TMI 775 - SUPREME COURT] wherein it was held that imposition of penalty would be unwarranted in a case, where the assessee has committed inadvertently and bona fide error and had not intended to or attempted to either conceal its income or furnish inaccurate particulars of income. We delete the penalty sustained by ld CIT(A). Decided in favour of assessee.
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