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2023 (9) TMI 1340 - AT - Income TaxPenalty u/s 271(1)(c) - denial of claim of exemption u/s. 54B - NFAC condoned the delay of 391 days in filing the appeal, but rejected the claim of additional documents stating that the assessee has not explained why the additional documents were not filed before the Assessing Officer. HELD THAT:- It is well settled principle of law that merely because exemption on merit was not granted by the Authority, which will not attract penalty provisions. The assessee in the penalty appeal has produced all the relevant documents by way of additional documents, but the same were not accepted by the Ld. CIT(A). As decided in INTAS PHARMA LTD. [2021 (12) TMI 205 - GUJARAT HIGH COURT] merely because claim on merit was not granted, penalty could not be levied - Also see RELIANCE PETROPRODUCTS PVT. LTD. [2010 (3) TMI 80 - SUPREME COURT] - Decided in favour of assessee.
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