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2015 (10) TMI 2470 - AT - Income TaxPenalty under S.271(1)(c) - assessment completed u/s 153A - Held that:- Considering all the aspects and the fact that the assessee has a good case on merits and that the provisions of Explanation 5A to S.271(1)(c) are not applicable on the date of filing of the original return, we are of the opinion that Explanation 5A as it stood on the date of filing the return in response to notice under S.153A by the assessee would not cover the case of the assessee, so as to warrant levy penalty under S.271(1)(c). Since the assessee bona-fidely declared the additional income in the course of search and filed return and paid taxes thereon, we are of the opinion that penalty levied on such amount cannot be sustained. Accordingly, we allow the appeal of the assessee and delete the penalty sustained by the CIT(A). See Dilip Kedia Versus Assistant Commissioner of Income-Tax, Central Circle-4 [2013 (7) TMI 934 - ITAT HYDERABAD ] - Decided in favour of assessee.
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