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2014 (4) TMI 430 - ITAT AHMEDABADDeletion of penalty u/s 271(1)(c) of the Act – Bogus transaction – Held that:- The AO has established that assessee has taken bogus purchase bill to reduce the tax liability - The AO made detailed investigation on it and when the assessee cornered by the AO through investigation, it revised the return and accepted the loss – Relying upon MAK Data (P.) Ltd. vs. CIT [2013 (11) TMI 14 - SUPREME COURT] - the surrender of income not have been voluntary in nature as detected by the AO in search conducted - penalty held justifiable – the assessee has revised his return when witnesses had admitted having been given accommodation entry to the assesse – CIT(A) was not right in deleting the penalty – Decided in favour of Revenue.
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