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2016 (6) TMI 1074 - AT - Income TaxPenalty u/s. 271(1)(c) - Addition on account of disallowance of u/s. 14A - Held that:- First Appellate Authority has passed a well reasoned order, because the assessee has paid taxes on the issue of disallowance u/s. 14A and assessee has not concealed the facts nor any inaccurate particulars filed. We find that the AO had made addition out of these information filed in the Tax Audit Report and the assessee has disclosed all the facts in the Tax Audit Report in Form No. 3CD under section 44AB of the I.T. Act. Therefore, Ld. CIT(A) has rightly deleted the penalty in dispute, which does not need any interfere on our part - Decided in favour of assessee
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