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2012 (4) TMI 352 - AT - Income TaxDeletion of penalty by CIT(A) imposed u/s 271(1)(c) by the AO ignoring that the assessee has not discharged its onus of proving that there was no intention of concealment on its part and the mistake was bonafide - A.O. noticed that the assessee claimed deduction for expenses on account of fines and penalties - assessee debited an amount of Rs. 1,90,338/- under the head bad debts written off - Held that :- the assessee produces no fresh evidence or presents any additional or fresh circumstance in penalty proceedings, he would be deemed to have failed to discharge the onus placed on him and the levy of penalty could be justified - the explanations appended to section 271(1)(c) of the Act entirely indicate the element of strict liability on the assessee for concealment or for giving inaccurate particulars while filing return - Even if there is no concealment of income or furnishing of inaccurate particulars, but on the basis thereof the claim which is made is ex facie bogus, it may still attract penalty provision fair and appropriate to vacate the findings of the ld. CIT(A) and restore the matter to his file with the directions to readjudicate the levy of penalty - against assessee.
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