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2015 (6) TMI 642 - AT - Income TaxPenalty u/s 271(1)(c) - CIT(A) partly allowed the appeal of the assessee and sustained the penalty in respect of addition made due to provision for sundry debtors and provision for suspense - Held that:- In the case of the assessee, we noted that the assessee has returned the income at ₹ 1,32,45,460/- and the income has been assessed at ₹ 1,32,45,460/-, even though there has been addition made by the AO in respect of provision for sundry debtors and provision for suspense, for which the penalty has been sustained by the CIT(A) but the addition so made does not affect either reducing the loss declared in the return or converting the loss declared in the return into income. The assessee has not declared loss in the return. Therefore, in our opinion, explanation 4(a) on the basis of which, the penalty has been imposed and confirmed by the CIT(A), will not apply. We, therefore, set aside the order of the CIT(A) and delete the penalty imposed by the AO under section 271(1)(c). - Decided in favour of assessee.
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