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2017 (6) TMI 1050 - HC - Income TaxPenalty u/s 271(1)(c) - disallowance of loss - Held that:- The loss on Information Service Division was subsequently allowed by the Assessing Officer in the consequential orders. Therefore, the major amount itself does not call for penalty. The balance three amounts are bona fide claims. The same has been appreciated by the CIT(A) and the Tribunal after considering the entire material on record. In the facts of the present case, the Tribunal has rightly relied on the judgment in the case of Commissioner of Income Tax Vs. Reliance Petro Products (P) Ltd., (2010 (3) TMI 80 - SUPREME COURT). No substantial questions of law arise.
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