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2012 (11) TMI 54 - ITAT DELHIPenalty under section 271(1)(c) – Held that:- If the assessee is able to offer an explanation, which is not found by the authorities to be false, and assessee has been able to prove that such explanation is bona fide and that all the facts relating to the same have been disclosed by him, the assessee shall be out of the clutches of explanation 1 to section 271(1)(c) of the Act, and in that case, the penalty shall not be imposed - Section 250(6) of the Act mandates that the order of the CIT(A) while disposing of the appeal shall be in writing and shall state the points for determination, the decision thereon and the reason for the decision - CIT(A) has not passed a speaking order on the issues raised in this appeal while the assessee contends lack of opportunity - matter remanded to CIT(A)
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