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2016 (1) TMI 463 - AT - Income TaxPenalty levied u/s. 271(1)(c) - Proceedings u/s. 153A/153C - Held that:- There were no incriminating material found. Particularly in the case of Shri Raghuveer Singh, as no search has occurred in his place, Explanation-5A cannot be invoked. In the case of Shri B. Ramdas Goud, even though search has occurred, nothing was found therefore, so Explanation-5A is not applicable. In both the cases, assessees’ explanation was that incomes were offered on estimation basis which were accepted by the AOs without any addition. Proceedings u/s. 153A/153C are separate proceedings and has no relevance to the earlier assessment proceedings. There is no variation between income returned and income assessed in these cases. Consequently, it cannot be held that there is any ‘concealed income’ or ‘furnishing of inaccurate particulars of income’ so as to attract proceedings u/s. 271(1)(c). In view of this, levy of penalty u/s. 271(1)(c) is not warranted and accordingly, the impugned orders of the AO are cancelled. - Decided in favour of assessee.
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