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2017 (9) TMI 1413 - BOMBAY HIGH COURTPenalty u/s 271(1)(c) - additions on account of interest on FDRs with Dena Bank and TDR sale receipts - said incomes were detected by the Assessing Officer on examination of books of accounts and not declared voluntarily by the assessee in the return of income - ITAT deleted the addition - Held that:- Once the assessee is a beneficiary of the amount received as a consequence of the transfer executed by her husband, of which she had no knowledge, she offered that during the course of the assessment proceedings, that does not mean that her act can be brought within the penalty provision. The explanation rendered by the assessee is bona fide. There was no factual dispute. Therefore, Tribunal held that the assessee has discharged the primary burden. There was no material brought by the Revenue to show that the explanation of the assessee is either false or lacking in bonafides. It is in these circumstances, the Commissioner was justified in deleting the penalty. That view of the Commissioner was upheld. We do not think any wider question or larger controversy was dealt with by the Tribunal. The penalty is deleted essentially in the above factual background. - Decided in favour of assessee.
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