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2019 (6) TMI 423 - AT - Income TaxPenalty u/s 271(1)(c) - during the course of assessment proceedings for AY 2010-11 it was noticed by the AO that the compensation received by assessee on cancellation of booking of fiat was not disclosed in AY 2007- 08. The assessee has admitted this and paid tax and interest and submitted a revised return along with letter dated 23-03-2013. Since the revised return was out of time notice u/s.148 was issued - HELD THAT:- The said section 271(1)(c) provides for levy of penalty for concealment and furnishing of inaccurate particulars of income. In the present case we note that the assessee has duly submitted the revised return before the issue of notice u/s. 148. That the assessee has also paid taxes accordingly. The assessment has been made on the basis of sums already declared by the assessee. In these circumstances in our considered opinion assessee cannot be said to have acted contumacious manner so as to warrant levy of penalty u/s. 271(1)(c) of the Act. We also draw support from case of Hindustan Steel Ltd. Vs. State of Orissa [1969 (8) TMI 31 - SUPREME Court] , wherein as expounded that the authority may not levy penalty if the conduct of the assessee has not been found to be contumacious. Accordingly in the background of the aforesaid discussion and precedent, we set aside the orders of the authorities below and delete the levy of penalty. - Decided in favour of assessee.
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