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2019 (11) TMI 910 - ITAT MUMBAIPenalty u/s 271(1)(c) - deduction u/s 80IAB - Tribunal has reversing the decision of the AO and Commissioner (Appeals) has treated the interest income earned by the assessee from the fixed deposits and advances given to the contractor as well as lease rental from SEZ as income from business, hence, allowed assessee’s claim of deduction u/s 80IAB - HELD THAT:- Undisputedly, on the basis of the aforesaid additions made by the AO, penalty under section 271(1)(c) was imposed. Therefore, when the additions on the basis of which the penalty under section 271(1)(c) was imposed have been deleted and assessee’s claim of deduction under section 80IAB of the Act in respect of such income has been allowed by the Tribunal, penalty imposed under section 271(1)(c) of the Act cannot survive. Revenue’s appeal is dismissed.
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