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2010 (11) TMI 24 - HC - Income TaxPenalty u/s 271(1)(c) - AO did not accept the claim of deduction u/s 54EC to the extent of purchase of Rural Electrification Corporation Bonds - AO found that that the bonds were purchased beyond the prescribed period of six months. - AO also levied penalty under Section 271(1)(c) - Held that: - The mistake in making the investment within the prescribed time can be the basis for disallowing the claim of deduction u/s 54EC of the Act but cannot be the basis for levy of penalty u/s 271(1)(c) of the Act.
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