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2016 (10) TMI 881 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- The income disclosed by the assessee has been accepted. Therefore, the assessee cannot be visited with penalty with the help of Explanation-I of section 271(1)(c) of the Act. That Explanation is not attracted in the present case. Three conditions contemplated in Explanation-3 are not available here. Notice under section 148 has been issued within time limit available for assessment of the income for this year under section 153(1) of the Act. Had this notice been not issued, then, assessee could be visited with penalty with the help of Explanation-3. Therefore, in view of the above discussion, allow ground of the appeal and delete the impugned penalty. - Decided in favour of assessee.
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