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2012 (8) TMI 68 - AT - Income TaxAddition as unaccounted cash credits - Held that:- Once the assessee has paid the tax on the amount which was alleged to be introduced as cash credit in the books of account, therefore the Revenue should have examined this aspect on those lines as per the provisions of law - the cash credit amount was subject to tax by invoking section 68 but those figures were ultimately recorded as sales and paid tax thereon by the assessee himself in the subsequent financial year and if the addition is hereby sustained, then in consequence thereupon the said amount shall get reduced from the sales amount of the subsequent year - the AO was not justified in adding the impugned amount as the taxable income of the assessee for the year under consideration. Penalty levied u/s.271(1)(c) - Held that:- Penalty was imposed in respect of the impugned addition made u/s.68 and since in quantum appeal the said addition has already deleted there was no basis for levy of penalty, hence we hereby direct to delete the same - in favour of assessee.
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