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2015 (2) TMI 1161 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- We find that the penalty was deleted by CIT(A) on two basis. First basis is that the assessee was under bonafide belief that he has shown correct income in the return of income on the basis of TDS certificates issued to him. The second basis is that the Assessing Officer has not recorded the satisfaction for initiation of penalty proceedings u/s 271(1)(c) in a proper manner. In the assessment order also, we find that it was explained by the assessee before the Assessing Officer that at the time of filing return of income, interest income has been disclosed in part and balance amount of ₹ 15,13,676/- remained undisclosed due to incomplete details provided by bank S.B.I. and U.P. Gramin Bank. This goes to show that the omission on the part of the assessee is bonafide omission because when the deductor has issued a wrong TDS certificate, it cannot be said that the assessee has concealed income or furnished inaccurate particulars of income. For the second addition of ₹ 13,882/- regarding excess claim of deduction u/s 80C, it is noted by the Assessing Officer that the assessee could furnish documents of only ₹ 86,118/- whereas deduction claimed was for Rs. One lac u/s 80C. Hence, it is seen that on this account also, the addition was made for the failure of the assessee to produce relevant documents without a finding that the claim itself is wrong or false. Hence, on this aspect, we do not find any reason to interfere in the order of CIT(A). - Decided against revenue
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