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2019 (1) TMI 146 - AT - Income TaxPenalty u/s 271(1)(c) - defective notice - proof of concealment of income - Held that:- A perusal of the assessment order clearly shows that there is allegation that the assessee has willfully concealed particular of income. In fact, the disallowance clearly is one in respect of the amount of ₹ 2,35,56,441/-, which is the claim of expenditure incurred, but it has been moved to work in progress and it has been allowed as expenditure in the immediately succeeding year. The genuineness of the expenses have not been questioned nor disputed. The second issue is in regard to current liabilities in the balance sheet in respect of which the TDS has not been deducted, but TDS deducted in the succeeding year and the payment has been done. Therefore, we cannot say ‘concealment of income' on this TDS. In respect of addition of ₹ 27,832/-, it is noticed that the assessee has shown it in its capital account and the assessee has also categorically pointed out in his reply that the mistake was caused on account of the Accountant. Even considering the fact, the assessee has such a large turnover it would be difficult even to assume that the assessee would attempt to conceal or avoid payment of tax on interest income as ₹ 27,832/-. Also the explanation given by the assessee has not been found to be false nor has the explanation be disputed. As relying on RELIANCE PETROPRODUCTS PVT. LTD.[2010 (3) TMI 80 - SUPREME COURT] and ASHOK PAI VERSUS COMMISSIONER OF INCOME-TAX [2007 (5) TMI 199 - SUPREME COURT] it cannot be said that there is concealment of income or furnishing of inaccurate particulars of income, which can give cause for levy of penalty u/s.271(1)(c) - decided in favour of assessee
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