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2015 (9) TMI 1244 - DELHI HIGH COURT

2015 (9) TMI 1244 - DELHI HIGH COURT - TMI - Penalty levied u/s 271 (1) (c) - AO disallowed the claim by referring to the Explanation under Section 80I A (13) - ITAT deleted the penalty - Held that:- In the facts of the present case, the view taken by the ITAT that the deduction claimed was bona fide and on the basis of the certificate of the auditors appears to be a plausible one and cannot be said to be suffering from any perversity. This was not a case whether the Assessee had not disclosed t .....

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/DEL/2010 for the Assessment Year ( AY ) 2007- 08 allowing the appeals in favour of the Assessees both of whom are joint ventures. 2. The question of law framed in both these appeals is Whether the ITAT erred in law and on merits in deleting the penalty levied u/s 271 (1) (c) of the Income Tax Act, 1961? 3. In the course of the assessment proceedings the AO noted that the Assessee had claimed deduction under Section 80I A of the Act in terms of the Auditor s report in Form NO. 10CCB. The AO disa .....

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