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2015 (10) TMI 999 - AT - Income TaxPenalty under section 271(1)(c) - AO assessing the LTCG and gift receipts as income - reopening of assessment - Held that:- The tax authorities have not considered the materials and explanations furnished by the assessee. We find that the decision rendered in the case of Madhulika R. Oswal (2013 (7) TMI 921 - ITAT MUMBAI) is in accordance with the ratio of the decision rendered by Hon’ble Supreme Court in the case of MAK Data P Ltd (2013 (11) TMI 14 - SUPREME COURT ). Accordingly, consistent with the view taken by the Co-ordinate Bench of the Tribunal in the case of Madhulika R Oswal (supra), we set aside the orders of ld.CIT(A) under consideration and restore all the matters to his file with a direction to re-adjudicate them on merits in accordance with law and after hearing the parties. - Decided in favour of assessee for statistical purposes.
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