Assessing Officer Disallows 80% Claim u/s 271(1)(c), Allows 20% Expenditure; Penalty Deemed Unwarranted.

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....Penalty u/s 271(1)(c) - by disallowing 80% of the claim, the Assessing Officer has allowed 20% of expenditure attributable to earn the business income. - levy of penalty is not warranted - AT....