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2016 (3) TMI 1223 - AT - Income TaxLevy of penalty under section 271(1)(c) - N.P. determination - Held that:- Whole complexion of the penalty matter has changed because of the subsequent event i.e. the order passed by the Tribunal. The Assessing Officer considered the penalty matter on the basis of part addition sustained by ld. CIT(Appeals) by applying profit rate of 55%, however, Assessing Officer made specific additions on account of disallowance of various expenses by giving specific findings of fact against the assessee. Therefore, in our view the penalty matter shall have to be re-considered in the light of findings of Assessing Officer given in the assessment order because the order of the Assessing Officer have been restored by the Tribunal and as such, the penalty matter need not to be decided on the basis of findings given by the ld. CIT(Appeals) computing the income of the assessee by applying profit rate of 55%. Also here that since the finding of fact recorded by the Assessing Officer have not been considered in the penalty matter, therefore, the matter would also require re-consideration because the additions would be higher now on passing the final order passed by the Assessing Officer. Appeal of the assessee is allowed for statistical purposes.
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