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2015 (7) TMI 744 - HC - Income TaxPenalty imposed under Section 271(1)(c) invoking Section 273B - assessee having incorrectly claimed the benefit of Section 80IB(10)- Tribunal canceling the penalty - Held that:- The grievance of the revenue is that the respondent-assessee is not entitled to claim the benefit of Section 80IB(10) of the Act in respect of project Wings A to D. There is no dispute with regard to the same. It is further submitted that the revised return was filed only after the survey was conducted by the revenue. This is not factually correct as the Tribunal in the impugned order observes that there was nothing on record to indicate what was the finding in survey. In the absence of some positive evidence on the part of the revenue that it is the survey which led the respondent-assessee to file revised return of income and/or withdraw its claim for the benefit of Section 80IB of the Act, it is not open to hold that only because of the survey, the claim for benefit of Section 80IB of the Act was withdrawn. In these circumstances, we find that the view taken by the Tribunal on the facts before it was a very possible view. Decided against revenue.
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