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2019 (9) TMI 1064 - AT - Income TaxPenalty u/s. 271(1)(c) - addition made on account of unexplained cash credits - HELD THAT:- From the perusal of the assessment order as well as penalty order passed u/s.271(1)(c) of the Act, it is clear that the addition was made by the AO on the mere inability to substantiate cash credits received. There is no finding by the AO that any particulars filed by the assessee are found to be false. The Hon’ble Supreme Court in the case of Reliance Petro Products (P) Ltd [2010 (3) TMI 19 - SUPREME COURT] held that mere disallowance of the claim does not amount to furnishing of inaccurate particulars of income and therefore levy of penalty is not warranted. Hence, we do not find any fallacy in the reasoning of the Ld.CIT(A) while dealing with the penalty in respect of addition of unexplained cash credit. Accordingly, we do not find any merit in the appeal filed by the Revenue.
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