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2019 (2) TMI 1199 - ITAT MUMBAILevy of penalty u/s 271(1)(c) - disallowance of provisions for doubtful debts, electricity duty and sales tax set off - HELD THAT:- As the claim of aforesaid expenses is discernible from the return of income profit and loss account balance-sheet hence the same it is not amount to concealment of income or furnishing inaccurate particulars of income. This is a factual position, therefore, the penalty u/s 271(1)(c) of the Act is not leviable. We are, therefore, of the considered view that the penalty is not sustainable in the law in the light of ratio laid down by Hon’ble Supreme Court in the case of CIT Vs. Reliance Petroproducts [2010 (3) TMI 80 - SUPREME COURT] wherein it was held that merely because the assessee has claimed the expenditure which claimed was not accepted or was not acceptable by revenue, penalty u/s 271(1)(c) of the Act cannot be attracted. Thus penalty is not exigible in respect of disallowance of provisions for doubtful debts, electricity duty and sales tax set off. - Decided in favour of assessee.
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