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2022 (2) TMI 393 - AT - Income TaxPenalty u/s 271(1)(c) - unexplained investment in paintings - HELD THAT:- We agree with the submission of the Ld. AR that penalty due to addition on account of valuation of paintings is a matter of subjective assessment. It cannot result in levy of penalty for concealment of income. Accordingly, the order of the Ld. CIT(A) is set aside and the AO is directed to cancel the penalty.
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