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2019 (2) TMI 1881 - AT - Income TaxPenalty us 271(1)(c) - addition to the extent of 12.5% of the bogus purchases - AO levied the penalty @ 100% of tax sought to be evaded - CIT(A) directed the Assessing Officer to restrict the levy of penalty to the extent of addition confirmed in the appeal - HELD THAT:- In appeal in quantum assessment, the co-ordinate bench of this Tribunal in cross appeal for Assessment Year 2009-10 & 2011-12 [2017 (10) TMI 523 - ITAT MUMBAI]of both the parties, restricted the disallowance of alleged bogus purchases @ 12.5% of the alleged bogus purchases. It is settled legal position that no penalty under section 271(1)(c) is leviable on adhoc disallowance. Considering the peculiar facts and circumstances of the case, we direct the Assessing Officer to delete the entire penalty levied under section 271(1)(c) of the Act. - Decided in favour of assessee.
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