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2008 (12) TMI 355 - HC - Income TaxBusiness Expenditure- The Assessing Officer did not accept computation of deduction claimed by the assessee under section 80HHC of the Act while adding back the amount wrongly claimed to be deduction, penalty was also imposed. On appeal, the Commissioner of Income-tax (Appeals) deleted the penalty on the ground that merely for raising a debatable issue, penalty could not be imposed, in the absence of any concealment or misrepresentation by the assessee. The said finding has been affirmed by the Tribunal. Held that- In view of the finding concurrently recorded by the Commissioner of Income-tax (Appeals) and the Tribunal that there was no concealment or misrepresentation by the assessee, there is no fault with the impugned order setting aside the levy of penalty. The appeal is dismissed.
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