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2016 (2) TMI 166 - AT - Income TaxPenalty u/s 271(1)(c) - addition made u/s 41(1)(a) - Held that:- There was no cessation of trading liability during the year and the assessee had even denied the difference in its books of accounts and the reasons of difference were explained through reconciliation and also filed the copies of the bills of the said party and details of vouchers qua payments made. In our opinion the case of the assessee is squarely covered by decision of COMMISSIONER OF INCOME TAX Versus BHOGILAL RAMJIBHAI ATARA [2014 (2) TMI 794 - GUJARAT HIGH COURT] and we respectfully following the same decision delete the penalty levied by the AO by allowing the appeal of the assessee - Decided in favour of assessee
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