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2014 (4) TMI 1259 - ITAT AMRITSARPenalty u/s 271(1)(c) - assessee has declared additional income in response to notice u/s 153A and thereafter voluntarily revised return before the completion of the assessment u/s 153A - HELD THAT:- In the present case, the assessee has submitted the explanation with regard to the additional income of ₹ 71,00,000/- offered from business. The assessee was confronted with the chart containing the detail of properties alongwith sources of investment thereof. Once the assessee has offered explanation, which has been accepted by the A.O. and the assessee having paid taxes and interest thereon then there is no ground of penalty. See A.N. ANNAMALAISAMY (HUF) [2013 (2) TMI 734 - ITAT CHENNAI] - CIT(A) is not justified in confirming the penalty levied by the Assessing Officer - Decided in favour of assessee.
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