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2012 (11) TMI 156 - AT - Income TaxPenalty u/s.271(1)(c) - CIT(A) restricted the levy only to the extent of Rs.5,600/- - Held that:- The undisputed facts that during the course of survey the assessee declared income of Rs.7,15,000/- and the same was included in the return of income filed by the assessee u/s. 139(1). The additions made by the A.O. during the course of assessment proceedings were substantially deleted by the appellate authorities except to the extent of Rs.16,642/- that was sustained. Penalty levied on the additions made by the A.O. were deleted by CIT (A) except for the penalty of Rs.5,600/- on the addition of Rs.16,642/-. The reason for levy of the penalty was that the assessee had included in the return of income the additional income only on account of survey u/s. 133A. Thus in the present case, it is not furnishing of inaccurate particulars of income as in the income tax return the particulars of income have been duly furnished and the surrendered amount of income was duly reflected in the income tax return and therefore it cannot be said that the assessee has furnished inaccurate particulars of income - there cannot be any penalty only on surmises and possibilities - in favour of assessee.
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