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2013 (7) TMI 660 - HC - Income TaxPenalty u/s 271(1)(c) - CIT deleted penalty that on date of search filing date for return not over - Tribunal confirmed penalty holding that even though the return was accepted, yet, the penalty proceedings and assessment proceedings being different, penalty was leviable - Held that:- admitted fact in this case is that the search party did not find any incriminating materials against the firm - Even in the course of search, if certain materials were seized relating to the assessee, yet, nothing was spoken to as regards the non-maintenance of the books of accounts or absence of books of accounts relating to the transactions of the firm - as on the date of search in the partner's premises, the books of accounts of the firm were not found. The absence of books of accounts of the firm in the partners' residence, certainly would not lead to a further inference that there were no books of accounts of the firm maintained by the assessee - Decided in favour of assessee.
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