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2015 (10) TMI 2165 - AT - Income TaxPenalty under section 271(1)(c) - failure to include interest income on account of refund under section 244A in the income tax return - Held that:- On appeal, the assessee has filed a statement of fact, running into four lines. In the last line, it has pleaded that submissions dated 16.1.2013 has not been considered by the AO before levy of penalty. The ld.CIT(A) has also failed to take cognizance of this aspect. Assessee pleaded that neither we have been informed by issuing any notice of adjustment U/s 245 nor any amount of refund issued through Bank. It was internally adjusted against the demand of previous years which we have been informed by A.O. during proceeding. As soon as been informed regarding refund & interest thereon, we immediately agreed to add interest part in our income and requested to provide copy of refund order &demand adjustment letter. As requested to A.O during the penalty proceeding that we have not been knowledge of refund interest and also we have been not received till the date any letter of demand adjustment or refund order for the A.Y. 2007-08 & 2009-10 however he has not considered our view and ordering penalty u/s. 271(1)(c). As the ld.First Appellate Authority has not considered this specific plea of the assessee First Appellate Authority has erred in confirming the penalty - Decided in favour of assessee.
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