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2024 (1) TMI 554 - AT - Income TaxLevy of penalty u/s. 271(1)(c) - deduction u/s. 80P as interest income owned by the assessee that their investment with bank is held not eligible for deduction - treatment for debatable issue - HELD THAT:- It is pertinent to note that at the time of disallowing the deduction u/s. 80P(2)(a)(i) of the Act was decided by various courts in two different views across the country. The Jurisdictional High Court also given a finding which was against the assessee but the same was pending before the Hon’ble Supreme Court at that juncture. Thus, the issue was debatable and the assessee has not furnished any inaccurate particulars of income but has simply claimed the deduction. Thus, the penalty itself u/s 271(1)(c) will not be attracted in the present case. Assesee appeal allowed.
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