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2014 (12) TMI 1368 - HC - Income TaxLevy of penalty u/s 271(1)(c) - addition being confirmed in quantum proceedings before the Tribunal - HELD THAT:- Commissioner of Income-tax (Appeals) as well as the Tribunal committed grave errors in dismissing the appeals of the assessee, inasmuch as they failed to appreciate the material on record in its proper perspective. Commissioner of Income-tax (Appeals) as well as the Tribunal ought to have appreciated that addition of certain amount is not a ground to impose penalty on the assessee. He, then, invited our attention to a decision of this court in [2014 (11) TMI 1234 - GUJARAT HIGH COURT] wherein, under more or less similar circumstances, the assessee's appeal was allowed for the assessment year 1994-95. In the result, this appeal is allowed and the question of law raised in this appeal is answered in favour of the appellant-assessee and against the Revenue
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