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2018 (5) TMI 1910 - AT - Income TaxPenalty u/s 271(1)(c) - income offered in the return of income subsequent to the search - contention of assessee is in the return of income u/s 143(3) r.w. 153A and the assessee disclosed the income and did not conceal the income and the return filed earlier u/s 139(1) become non-ets - HELD THAT:- Penalty is not liable to be sustainable in the eyes of law. Moreover, upon the disclosure of the income of the assessee, the Assessing Officer assessed the income on estimation basis which nowhere leads to levy the penalty in view of the law settled in Smt. Usha Ashokkumar Shah Vs. DCIT [ 2016 (7) TMI 1532 - ITAT MUMBAI] & CIT Vs. Aarkay Saree Museum [1990 (8) TMI 97 - BOMBAY HIGH COURT] & Anant Shelters Pvt. Ltd. Vs. ITO [2016 (7) TMI 1533 - ITAT MUMBAI] & CIT Vs. Aarkay Saree Museum [1990 (8) TMI 97 - BOMBAY HIGH COURT] . In the said circumstances, we are of the view that the finding of the CIT(A) is wrong against the law and facts, therefore, we set aside the same and delete the penalty. Accordingly, we allowed the appeal of the assessee.
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