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2015 (4) TMI 546 - HC - Income TaxPenalty u/s. 271(1)(c) - ITAT deleted penalty levy - Held that:- The answer to the question is in the affirmative, i.e. the Appellate Tribunal was right in deleting the penalties imposed by the Assessing Officer under Section 271(1)(C) as the facts emerge, it is clear that assessee furnished relevant details i.e. names, addresses, confirmations etc. and offered AO to call some of them for examination. It appears that these details were not inquired into further, however, assessee offered about amount for addition purpose. We find merit in the argument of learned counsel that assessment proceedings and penalty proceedings are separate and distinct and merely because additions has been made, same will not lead to automatic levy of penalty. See ACIT, Udaipur Versus M/s. Gebilal Kanhaialal HUF, Through Karta, Udaipur [2012 (9) TMI 297 - SUPREME COURT] and Northland Development and Hotel Corporation v. CIT [2012 (9) TMI 629 - SUPREME COURT] - Decided in favour of assessee.
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