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2015 (11) TMI 1012 - AT - Income TaxPenalty u/s 271(1)(c) - additional income surrendered - Held that:- Under the present facts, the Assessing Officer has accepted the bifurcation of income, which was voluntarily surrendered by the assessee vide letter dated 30/05/2011. The foundation of satisfaction, arrived at by the Assessing Officer, is based upon the disclosure of additional income, which was pursuant to search action upon Ispat Group, thus, the allegation are based upon that group and nowhere it has been mentioned in the assessment order/penalty order that the assessee concealed its income or furnished inaccurate particular of such income. The additional income was offered by the assessee to buy peace with the department and further subject to the understanding that no penal proceeding will be initiated against the assessee in connection with the seized material, therefore, we find that the assessee has clearly demonstrated its intention/understanding with the department that conditional additional income was offered by the assessee, as discussed hereinabove. In view of the facts and the aforesaid documentary evidence, we are of the considered opinion that it is a fit case, where the penalty has to be deleted, thus, we find merit in the appeals of the assessee and direct the ld. Assessing Officer to delete the penalty imposed u/s 271(1)(c) of the Act, consequently, the appeals of the assessee are allowed. - Decided in favour of assessee.
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