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2017 (10) TMI 163 - AT - Income TaxPenalty u/s. 271(1)(c) - excess deduction claimed in terms of provision of section u/s. 80IAB(10) read with section 80IAB(3) - Held that:- It is notable that the addition, on the basis of which the impugned penalty has been imposed, observing inaccurate particulars of income furnished by the assessee, has been deleted by the Tribunal, as also observed by the ld. CIT(A) in the impugned order reproduced above. Therefore, once the very basis of imposition of penalty, stands collapsed, there remains no justification to sustain the penalty in the instant case. We accordingly, find no good ground to disturb the decision reached by the ld. CIT(A) in the impugned order while canceling the penalty. Hence, the appeal of the Revenue has no merit and deserves to fail.
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