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2016 (4) TMI 1039 - AT - Income TaxPenalty under section 271(1)(c) - Held that:- In the case under consideration although both the lower authorities have alleged that the assessee had furnished inaccurate particulars with a mala fide intention, the same has not been substantiated convincingly by the department so as to attract penalty. The only finding against the assessee is that she could not produce the relevant vouchers after a lapse of ten years. Even the Income Tax Act requires maintenance of records for only eight years. So it is harsh on the assessee to expect her to produce records for a period falling beyond the statutory prescribed limit. Moreover, the assessee has any way been taxed on the amount remaining unsubstantiated. However, drawing an inference as to the malafide intention of the assessee in this regard is a mere presumption. Hence, we are unable to concur with the observations of the Ld. Commissioner of Income Tax (Appeals) and set aside his order and direct that the penalty imposed be deleted. - Decided in favour of assessee
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