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2020 (9) TMI 971 - HC - Income TaxPenalty u/s. 271(1)(c) - advances shown as purchases - furnishing inaccurate particulars of income - gross negligence in not making necessary adjustments, additions and disallowance in the accounts which resulted in incorrect income being shown - CIT(A) and the Tribunal held in favour of the assessee by examining his conduct - HELD THAT: -Assessment was completed and the case on hand is not the case where the assessment was re-opened under Section 147 - On taking note of the factual position, the CIT(A) exercised its discretion and granted relief to the assessee. The factual situation was examined by the Tribunal and it came to a conclusion that the CIT(A) was right in deleting the penalty. With regard to the non-inclusion of ₹ 22 lakhs in the closing stock, the Tribunal remanded the matter to the Assessing Officer for proper verification and fresh adjudication as per law. Thus, taking into consideration that the entire issue before us is factual, we decline to exercise our jurisdiction under Section 260-A of the Act, as we are not expected to examine the correctness of the order of the Tribunal, as being a third Appellate Authority. No substantial question of law.
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