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2019 (2) TMI 127 - MADRAS HIGH COURTPenalty issued u/s 271(1)(c) - assessee has not offered any explanation to the satisfaction of the AO - Held that:- Merely because the assessee agreed for addition and accordingly, assessment order was passed on the basis of addition and when the assessee paid the tax and the interest thereof in the absence of any material on record to show the concealment of income, it cannot be inferred that the said addition is on account of concealment, so as to levy penalty under Section 271(1)(c) of the Act. We find no error in the order passed by the Tribunal especially when it is admitted that the decision in C.I.T. Vs. Manjunatha Cotton and Ginning Factory (2013 (7) TMI 620 - KARNATAKA HIGH COURT) has attained finality. - Decided against the Revenue and in favour of the assessee
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