Sec. 271(1)(c) of Income-tax Act, 1961— Penalty - The addition/disallowance sustained by CIT(A) on account of deduction claimed under s. 10A of the Act is not due to any inaccurate particulars furnished by the assessee but on a purely presumptive basis. The assessee cannot be accused of furnishing inaccurate particulars of income so as to be visited with penalty under s. 271(1)(c) of the Act. In the course of hearing, it was brought to Tribuna’s notice by the assessee that under identical facts and circumstances, CIT(A) has deleted the penalty imposed under s. 271(1)(c) of the Act in the asst. yr. 2005–06. Thus, the penalty imposed under s. 271(1)(c) of the Act amounting to Rs. 19,31,604, deleted. - AURO GOLD JEWELLERY (P.) LTD. V/s DY. CIT - [2020] 204 TTJ 1005 (ITAT-MUMBAI)