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2015 (7) TMI 952 - HC - Income TaxPenalty under Section 271(1) - ITAT deleted penalty - Held that:- AO initiated penalty proceedings in respect of the addition made and confirmed it. The CIT (Appeals) was of the opinion that in the given circumstances of the case since the appellant upon receipt of notice filed a revised return that circumstance weighed predominantly AO to impose penalty. The CIT(A) consequently set aside the penalty; the revenue's grievance that this score was rejected by ITAT. We considered the circumstance of the case. It is quite evident from the materials on record that the AO was considerably swayed by the revised return and the figures disclosed therein. The CIT(A) correctly understood the law in the light of the decision of Supreme Court in CIT V. Reliance Petroproducts Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT ] and directed the revocation of penalty. The ITAT affirmed the decision. Being factual in nature and disclosing no apparent loss or perversity, this Court is of the opinion that no substantial question of law arises. - Decided in favour of assessee.
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