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2014 (11) TMI 374 - ITAT DELHIDeletion of penalty u/s 271(1)(c) – Retrospective amendment in clause (1) of Explanation 1 to section 115JB - Held that:- As decided in assessee’s own case for the earlier assessment year, it has been held that it cannot be held that the appellant had furnished any inaccurate particulars or concealed any material fact - there is no valid reason to interfere with the observations and findings of the CIT(A) as the legal position is well settled that the assessee cannot anticipate on the date of fling of return which was admittedly filed on 29.11.2006, that a retrospective amendment in law would be introduced by Finance Act 2009 w.e.f. 1.4.2001 i.e. subsequent to the date of filing return - Even otherwise neither it can be said that the assesee’s claim was not bonafide nor the material facts were not properly disclosed by the assesee at the time of filing of return - the return was filed on 29.11.2006 based on the past position on the very same facts and prior to the amendment to the provision of the Act was introduced which subsequently inserted with retrospective effect by Finance Act 2009 - the CIT(A) was right in cancelling and deleting the penalty as the provisions retrospective inserted by Finance Act 2009 was not before the assessee at the time of filing of return on 29.11.2006 - the CIT(A) was right in cancelling the penalty – Decided against revenue.
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