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2015 (11) TMI 1739 - HC - Income TaxLevying penalty u/s 271(1)(c) - assessee had furnished inaccurate particulars thereby concealing his income - failure to produce “the books of accounts and failed to file various relevant evidences such as vouchers and supportings which are necessary for the purpose of completion of assessment - Held that:- In the present case, it is not possible to conclude that there had been any concealment of income as such by the Assessee. Although the assessment order assessed the income by taking the net profit rate @ 5% of the gross turnover, for the same to be considered as concealed income under Section 271(1) (c), either of conditions (A) or (B) of Explanation 1 to Section 271(1) must be fulfilled. It is one thing to say that the explanation about the dispute the Assessee had with his accountant, as a result of which the vouchers could not be produced, was not offered in the first instance before the AO and only subsequently before the CIT (A). It is another to state that the said explanation was either false or not bona fide. The Revenue has not been able to show that the explanation offered by the Assessee either lacked in bona fides or was false. The Court is satisfied that the CIT (A) was not in error in accepting the explanation offered by the Assessee and deleting the penalty. - Decided in favour of assessee.
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