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2012 (5) TMI 730 - AT - Income TaxPenalty u/s 271(1)(b) - Held that:- Assessee attended the assessment proceedings from time to time and furnished the details as called for by the Assessing Officer by issuing notice under Section 142(1) of the Act and on the basis of those details, the income shown by him was accepted. In the light of this undisputed fact of the case, it cannot be said that the assessee did not comply with the notices served upon him by the Assessing Officer. We further find that the provisions of Section 271(1)(b) do not make it compulsory for the Assessing Officer to impose the penalty in such cases of technical lapse as the word used are “may direct” for imposition of penalty. Since, the Assessing Officer has discretion in the matter, we are of the considered opinion that the Assessing Officer should have exercised his jurisdiction and should not have imposed the penalty, as this is not a fit case for such imposition of penalty. - Decided in favour of assessee.
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