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2019 (12) TMI 914 - AT - Income TaxPenalty u/s.271(1)(c) - penalty is leviable either for ‘concealment of income’ or ‘furnishing of inaccurate particulars of income’ - Assessee filing revised return disclosed his entire income in totality and have paid taxes - HELD THAT:- Revised return was accepted and taxes paid accordingly. No further addition was made by the AO in the case of the assessee. In such scenario, in the instant case of the assessee as well, no penalty u/s.271(1)(c) of the Act can be imposed. While levying penalty u/s.271(1)(c) AO has recorded his satisfaction at the time of framing original assessment order based on the original return filed by the assessee u/s.139(1) of the Act. That however, while survey was conducted which resulted in levy of the penalty, during that time no separate satisfaction was recorded by the AO before initiation of penalty proceedings. This is also not legally permissible as observed by the Pune Bench of the Tribunal in the case of Ashok S. Agarwal Vs. the Deputy Commissioner of Income Tax [2018 (6) TMI 1678 - ITAT PUNE] . It is not a fit case for levy of penalty u/s.271(1)(c) of the Act. Hence, we set aside the order of the Ld. CIT(Appeal) and direct the Assessing Officer to delete the penalty from the hands of the assessee. Appeal of the assessee is allowed.
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