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2018 (3) TMI 70 - AT - Income TaxLevying the penalty u/s 271(1)(c) - addition u/s 41(1)(a) - Held that:- In case in hand the fact that the addition was made by the AO because the difference of the outstanding liability shown in the original return of income and in the revised return of income. However, the assessee has disclosed the relevant facts which was subjected to the verification of the AO and it was also brought on record that out of the opening balance of the liability of ₹ 5,14,409/- the creditor has confirmed the receipt of ₹ 3 lacs but deny the balance amount of ₹ 2,14,309/-. Therefore, the explanation of the assessee may not be acceptable however, the same is bonafide explanation then the penalty on such addition made by the AO is not leviable. Addition made u/s 41(1)(a) of the Act. Addition on account of interest income since the assessee has not contested this addition in the quantum appeal and also has not furnished any explanation for not offering the said income to tax, therefore, in the facts and circumstances of the case, we do not find any error or illegality in the orders of the authorities below levying the penalty against the said addition made by the AO. - Decided partly in favour of assessee.
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