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2018 (8) TMI 672 - AT - Income TaxLevy of penalty u/s 271(1)(c) - assessment u/s 153A - assessee withdrew the claim of deduction u/s. 54F of the Act during the course of assessment proceedings conducted u/s 153A r.w.s. 143(2)/143(3) of the 1961 Act, which ultimately led to the additions being made in the assessment order - Held that:- Despite assessee offering an explanation that it was due to bonafide reasons as detailed below which enabled the assessee to have belief that assessee was entitled to claim of deduction u/s. 54F of the 1961 Act , none of the authorities below have verified the said contentions on the touchstone of accuracy of the said claim on facts as well on law. None of the authorities have gone into deliberations as to the merit of the claim of the assessee as to bonafide explanation and reasonable cause both on merits and on law as no findings/conclusions are amenable from the orders of the authorities below. The assessee is directed to produce all necessary evidences to prove that the averments made by it are correct to come to conclusion/belief that the assessee was entitled for deduction u/s 54F of the 1961 Act and it constituted bonafide explanation and reasonable cause to take it out of the penal provisions as are contained in Section 271(1)(c) of the 1961 Act read with Explanation 1. - Matter remanded back - appeal of the assessee is allowed for statistical purposes.
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