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2021 (1) TMI 528 - AT - Income TaxPenalty u/s 271(1)(c) - eligible for deduction u/s 80P(2) (d) of the Act on the interest income earned from the deposit with the Co-operative Societies - due to bonafide mistake, the interest income from other commercial banks was also taken for deduction u/s 80P(2) (d) - similarly deduction u/s 80(P) was claimed in respect of the amount earned from sale of cement, hardware, CFL and school fee etc. under bonafide belief that the assessee was eligible for claiming the deduction, the same being business income of the assessee - HELD THAT:- Assessee in this case has put a bonafide claim under a mistaken belief that the assessee was entitled to claim deduction on the aforesaid income - there was not effort by the assessee to conceal any income or to furnish any inaccurate particulars of income - assessee has also relied in this respect on the decision of the Tribunal in the case of ACIT Vs Punjab State Fed of Coop House Building Society Ltd. [2012 (12) TMI 1208 - ITAT CHANDIGARH]wherein in somewhat similar circumstances, Tribunal noticed in the case of other Cooperative Society that there seemed no intention to evade any tax, rather the deduction was claimed in a mistaken belief by the Co-operative Society. Not a fit case for levy of penalty u/s 271(1) (c) - Decided in favour of assessee.
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