Penalty u/s 271(1)(c) of Income Tax Act lifted due to differing interpretations of Section 10B exemption, not non-compliance.

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....Penalty levied u/s 271(1)(c) - it is a case of misunderstanding the statutory provision by the assessee and the officers. The assessee understood the provision of exemption u/s 10B in a particular manner and the Assessing Officer has understood the same in another manner - No penalty - AT....