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2015 (11) TMI 753 - AT - Income TaxPenalty under section 271(1)(c) - addition on account of ingenuine share application received - Held that:- We find that in the instant case, the Assessing Officer levied penalty under section 271(1)(c) of the Act for concealment of income / submission of inaccurate particulars of income on the amount of addition of ₹ 90 Lac claimed to have been received as share application by the assessee. The addition made was confirmed by the Tribunal in appeal filed before it by the assessee. We find that the Hon'ble Bombay High Court in the case of Shree Nirmal Commercial Ltd. (2008 (8) TMI 158 - BOMBAY HIGH COURT) has held that no penalty under section 271(1)(c) of the Act can be levied where the income is assessed under section 68 of the Income Tax Act, 1961. Also in the case of M/s. Manjunatha Cotton and Ginning Factor, Ballary (2013 (7) TMI 620 - KARNATAKA HIGH COURT ) has held that if the explanation offered by the assessee, even though not substantiated, but is found to be bonafide and all facts relating to the same and material to the computation of his total income has been disclosed by him, no penalty could be imposed. - Decided in favour of assessee.
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