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2019 (11) TMI 998 - AT - Income TaxPenalty u/s 271(1)(c) - Addition u/s 68 - HELD THAT:- The bank account is in the name of HUF, and the HUF is a separate taxable independent entity. If an account is being maintained by the HUF, then the assessment in the hands of HUF ought to have been made. In the present case that has not been done. Since the quantum is not open before us, we cannot touch it. The assessee has to pay tax on the addition made by the AO. But penalty is a separate proceedings, and on account of any technical issue, if an assessee can absolve himself from visiting with penalty, then, all those plea are available with the assessee. Since the addition itself ought not have been made in the hands of the assessee, because this bank account did not belong to the assessee, rather it belonged to HUF, therefore, for the purpose of penalty, we are satisfied that the assessee does not deserves to be visited with penalty in these circumstances. We allow the appeal of the assessee, and delete penalty - Decided in favour of assessee.
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