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2013 (7) TMI 934 - ITAT HYDERABADLevy of penalty u/s 271(1)(c) - additional income offered pursuant to search and seizure conducted under Section 132 on the Kedia Group of case along with the assessee on 01.02.2008 - Held that:- Assessee had declared the amount he will be offering, in the course of statement recorded u/s 132(4), the AO has not brought on record any other materials or evidence for coming to the conclusion that the Assessee had concealed any income except for the statement recorder u/s 132(4), even the CBDT has cautioned the Assessing officers to make additions based purely on the sworn statements recorded u/s 132(4), the explanation 5 as it stood on the date of filing of return/ revised return by the Assessee, we are opinion that levy of penalty of Rs. On the additional income included in the return based only on the sworn statement of the Assessee cannot be sustained. Accordingly we allow the Assessee's appeal and delete the penalty levied u/s 271(1)(c).
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