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2015 (10) TMI 2044 - AT - Income TaxPenalty u/s 271(1)(c) - undisclosed investment - Held that:- In the case of assessee the return under section 153A was furnished on 8.11.2007 and thereafter it was revised on 20.10.2008 and the assessment order was passed by the AO on 26.12.2008; which means that the return was revised before the completion of the assessment by AO. As regards imposition of penalty under section 271(1)(c), as decided by Hon’ble Gujarat High Court in the case of Kirit Dahyabhai Patel vs. ACIT (2015 (1) TMI 201 - GUJARAT HIGH COURT) held that penalty under section 271(1)(c) of the Act is to be levied on the income assessed over and above the income returned u/s 153A. In the case of assessee the income as shown in the revised return of income at ₹ 10,38,538/- was accepted by the AO and no other addition was made as such assessee’s case was not a fit case for the imposition of penalty under section 271(1)(c). We hereby direct the Assessing Officer to delete the penalty. - Decided in favour of assessee.
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