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2014 (9) TMI 705 - HC - Income TaxDeletion of penalty u/s 271(1)(c) – Concealment of income – Held that:- The AO was required to verify the books of accounts as is done in scrutiny cases - the order of the Tribunal is valid as it has been rightly held by them that the order passed by the AO is an ex parte order - CIT (A) has referred that the first service of notice by affixture cannot be held to be valid, but, he has not quashed the assessment on this ground - the details which have been provided clearly revealed that the source of the advance made by the assessee to its sister concerns is advance received against sale of land and thus investment made by the assessee with its sister concerns stands explained - No contrary evidence has been produced by the revenue to suggest that what has been held by CIT (A) is contrary to the facts – Decided against revenue
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