2011 (3) TMI 1642

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....UL KUMAR SHRAWAT, J.M. This is an appeal at the behest of the Revenue arising from the order ofCommissioner of Income Tax (Appeals)-Valsad dated 22-10-2008. The Revenuehas challenged the deletion of penalty of Rs. 2,87,115/- levied under section271(1)(c ) of the Act. 2. The facts in brief as emerged from the corresponding penalty orderpassed under section 271(1)(c ) dated 31-3-2008 and the a....

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....lationto claim of deduction u/s. 80I were duly placed before the Assessing Officer,however, due to difference of opinion the explanation of the assessee wasrejected. On a careful perusal it is evident that there is no finding of fact in theassessment order that either the claim was found bogus or non-genuine. It isalso not the case of the Revenue, while levying the concealment penalty, thatthere w....