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2013 (9) TMI 1076 - ITAT JODHPURPenalty levied u/s 271(1)(c) - Held that:- The assessment in this case was framed on 11th Nov., 2008 and before completion of the said assessment, the assessee vide letter dt. 22nd Jan., 2007 i.e. just after the search operation on 18th Jan., 2007 stated that he was prepared to pay tax on legitimate and correct amount of income as may be mutually determined on agreed basis. The assessee also stated that the said letter be treated as statement under s. 132(4) of the Act, thereby entitling the assessee to the benefits of Expln. 5 to s. 271(1)(c) of the Act. The AO nowhere stated that the contents of the said letter were wrong and not accepted. In other words, he had not stated anything to disprove the contents of the said letter in the assessment order dt. 11th Nov., 2008. Moreover, whatever was offered by the assessee in his return of income has been accepted by the AO while framing assessment under s. 143(3) r/w s. 153A of the Act. Therefore, the penalty 271(1)(c) of the Act was not leviable in this case - Decided in favour of assessee
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