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2015 (10) TMI 584 - AT - Income TaxPenalty u/s. 271(1)(c) - CIT(A) deleted the addition - Held that:- Assessing Officer was unable to bring any evidence indicating that the explanation offered by the assessee was not bonafide or false. It is a difference of opinion between the Assessing Officer and the assessee. The assessee was of the view that since he will receive the receipts for the month of March in April, therefore, he will raise bill in the month of April and account the receipts in the next month. It is a misconception in the mind of assessee but he has not deliberately withheld something from the Assessing Officer. He has accounted these receipts in the next year and rather raised the dispute with regard to credit of the TDS. The next item is an addition on an estimate basis. Again, a debatable point, there is no concrete material on the record which demonstrates that assessee has deliberately concealed the particulars of income or furnished inaccurate particulars. The Ld. First Appellate Authority has righty deleted the penalty. - Decided in favour of assessee.
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