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2017 (7) TMI 1430 - AT - Income TaxPenalty u/s 271(1)(c) - Income of the assessee was finally estimated by the Ld. AO @2% of total receipts as per the Bank statements which was confirmed by the Ld. CIT(A) - HELD THAT - As decision of Tribunal rendered in associated concern of the group Jayesh K. Sampat 2016 (10) TMI 1127 - ITAT MUMBAI where the Tribunal on identical set of facts and similar submissions / contentions has remitted the matter back to the file of AO for fresh adjudication in terms of respective submissions. Both representatives have agreed for similar directions in the present case. Thus as facts of the instant case are identical in all respect and submissions of the representatives are also identical. Therefore on similar lines the matter is restored back to the file of Ld. Assessing Officer for fresh adjudication which results into assessee s quantum appeals being partly allowed for statistical purposes.
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