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2015 (1) TMI 958 - AT - Income TaxPenalty levied u/s 271(1)(C) - deemed income being loss claimed and disallowed - CIT(A) dismissed the appeal of the assessee both on the ground that the delay and on merits - Held that:- As when the company is under liquidation, and when any official liquidator was appointed and was in charge of the affairs of the company, he should have filed the appeal and perused the matter. We are of the view that the contention of the assessee that it was under a bonafide belief, that the appeal would have been filed by the official liquidator, is correct. We are of the view that the Ld.CIT(A) should have condoned the delay in filing of the appeal before him. - Decided in favour of assessee. As stated the AO has passed the order in a summary manner, without specifying the grounds of disallowance, item wise. The AO has also not specified the charge on which penalty is being levied. The explanation given by the assessee, during the course of assessment proceedings, explaining the variation between the provisional books and the audited records, were not considered by the AO. Under these facts and circumstances, we hold that the penalty levied cannot be sustained. Hence we quash the order levying penalty u/s 271(1)(c) and allow the appeal of the assess. - Decided in favour of assessee.
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