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2021 (4) TMI 527 - AT - Income TaxPenalty levied u/s 271(1)(c) - disallowance u/s 36(1)(iii) - HELD THAT:- As relying on ratio laid down in Reliance Petroproduct (P) Ltd [2010 (3) TMI 80 - SUPREME COURT] and Ventura Textiles Ltd. [2020 (6) TMI 305 - BOMBAY HIGH COURT] is squarely applicable to the instant case wherein held merely because assessee had claimed expenditure, which claim was not accepted or was not acceptable to revenue, that by itself would not attract penalty u/s 271(1)(c). Following the same, we delete the penalty levied by the AO u/s 271(1)(c) of the Act.- Decided in favour of assessee.
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