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2019 (1) TMI 1339 - AT - Income TaxPenalty levied u/s.271(1)(c) - because of the questionnaire issued by the Assessing Officer asking the assessee to file revised return that all the details of the transactions was incorporated therein which was not there in the original return of income by the assessee - Held that:- In the penalty order, we find that it is admitted by the Assessing Officer himself that from transactions the income received has been credited to the P & L Account of the assessee. This facts signifies that the intention of the assessee was never to defraud the Revenue. The details of the transactions through which the income has been received, was there in the P & L Account of the assessee, which inadvertently not there in the original return of income, however, those were again filed in the revised return of the assessee. There was no deliberate intention from the facts on record which can even hint that the assessee was trying to conceal his income. The books of account especially P & L Account were already filed with the Department. All the transactions from which income earned was mentioned therein. Penalty order is liable to be quashed. - Decided in favour of assessee
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