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2016 (4) TMI 1046 - ITAT DELHIPenalty u/s 271(1) (c) - claim of TDS was found wrong - Held that:- Withdrawal of the credit of TDS in respect of which the income is not offered/assessed in the relevant AY in view of provisions of section 199(3) and Rule 37BA(3) or otherwise being wrong claim as in this case would not be termed as 'the amount of tax sought to be evaded' as defined in Explanation-4 to section 271(1)(c). Therefore, after considering the conspectus of the material on record and the rival submissions, we are of the considered view that the presumption of concealment as contained in explanation (1) of section 271(l)(c) read with the explanation (4) of section 271(l)(c) has been rebutted by the assessee and that all the facts relating to this explanation and material to the computation of total income have been duly disclosed. Under the circumstances, it is held that explanation of the appellant was bona-fide and all the facts relating to the same and material to the computation of total income have been duly disclosed by it. Penalty deleted - Decided in favour of assessee
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