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2015 (7) TMI 651 - AT - Income TaxPenalty u/s 271(1)(c) - Bogus expenses - Held that:- In the light of the pleadings before the Bench and the arguments advanced the only claim of the assessee which may have some force is that the relief on quantification of the penalty imposed as admittedly the Ld. CIT(A) on facts has not taken into consideration the fact that in the quantum proceedings at the stage of the CIT(A), relief was granted to the extent of ₹ 3 lakh and it has been urged that the said relief has not been varied till date. It is further seen that it has been canvassed that the issue of expenses for bogus share application money was restored by the ITAT to the AO. Both the Ld. Sr. DR and the ld. AR have submitted that the issues also come up in a miscellaneous petition also before the ITAT. Accordingly the issue for considering these issues is restored back to the file of the CIT(A) with the direction to consider the allowability of the said limited claim of the assessee and thereafter passed a speaking order in accordance with law after giving the assessee a reasonable opportunity of being heard. - Decided partly in favor of assessee for statistical purposes.
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