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2022 (9) TMI 361 - HC - Income TaxPenalty u/s 271(1)(c) - disallowance of interest under section 36(1)(iii) - amount of interest paid in respect of capital borrowed for the purposes of business or profession has to be allowed as a deduction in computing the income tax under section 28 - As per AO Assessee had furnished inaccurate particulars of income & suppressed its real income - HELD THAT: In the present case, it can be seen that penalty proceedings had been initiated against the assessee only on account of the fact that the deduction, which was claimed by the assessee had been disallowed. The issue being squarely covered by the judgment of the Hon’ble Apex Court in the case of Reliance Petroproducts (P.) Ltd. [2010 (3) TMI 80 - SUPREME COURT], no substantial question of law, as proposed, arises in the present case. - Decided in favour of assessee.
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