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2021 (7) TMI 368 - AT - Income TaxPenalty u/s 271(1)(c) - Assessment was completed under section 143(3) read with section 153A by making addition on account of Short Term Capital Gain (STCG), addition as Long Term Capital Gain (LTCG) and addition on account of Income from Other Sources - HELD THAT:- There is no dispute that a search action was carried out on the assessee group on 05.03.2013. The assessee disclosed additional income during the search. The assessee while filing return of income in response to the notice under section 153A disclosed the capital gain on 31.03.2014. The last date for filing return of income under section 139(4). The additional income declared by the assessee was offered and accepted by the assessing officer without any variation. The assessing officer levied penalty by invoking the Explaination-5 of section 271(1)(c) and levied penalty @ of 100% of tax sought to be evaded. The ld. CIT(A) deleted the entire penalty by taking view that the assessee the impugned income has been declared in the return of income filed in response to the notice under section 153A or under section 139(4). We affirm the order passed by ld CIT(A) - Appeal filed by the revenue is dismissed.
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