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2021 (9) TMI 1255 - AT - Income TaxPenalty u/s. 271(1)(c) - disallowance of deduction u/s. 35(2AB) as the assessee not voluntarily disclosed the fact of not receiving DSIR Certificate for - revised computation was filed by the assessee only after AO questioned him on deduction u/s. 35(2AB) during the assessment proceedings - CIT-A Deleted the penalty levy - HELD THAT:- CIT(A) has give a categorical finding that the assessee was under the genuine belief that approval will be granted by the appropriate authority i.e. DSIR and accordingly made the claim for deduction u/s. 35(2AB) of the Act for the Assessment Year under consideration. But the approval was granted by DSIR w.e.f. 01.04.2013 and, therefore, the assessee withdrawn the weighted deduction claim by filing revised computation of income before the Assessing Officer in ongoing assessment proceedings. This cannot be termed as concealing income or furnishing inaccurate particulars of income. Besides this, the assessee has also given explanation before the Assessing Officer as relates to revised computation of income. Thus, in case of CIT Vs. Reliance Petro Products Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT] - Thus, there is no need to interfere with the findings of the CIT(A). The appeal of the Revenue is dismissed.
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