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2016 (6) TMI 164 - AT - Income TaxPenalty levied u/s. 271(1)(c) - undisclosed income by the assessee from sale of shops - Held that:- Findings of the Tribunal in the quantum appeal speaks for itself in as much as the additions based on the statements were discarded following the ratio laid down in the case of S. Khader Khan [ 2007 (7) TMI 182 - MADRAS HIGH COURT] . Further, we do not find any evidence on record which could suggest that the assessee has actually received ₹ 4.75 lacs instead of ₹ 1.80 lacs though the difference may have been sustained by the Tribunal in quantum appeal but in our considered opinion, the same cannot be a justifiable reason for the levy of penalty u/s. 271(1)(c) of the Act. We accordingly set aside the findings of the ld. CIT(A) and direct the A.O to delete the impugned penalty. - Decided in favour of assessee.
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