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2022 (10) TMI 1115 - AT - Income TaxPenalty u/s 271(1)(c) - Addition u/s. 68 - unexplained cash credit in bank accounts of the directors advancing the share application money to the Assessee just before advancing the share application amount - HELD THAT:- Addition was made on cash deposit, which was used for share application money. We observe that the Assessee has clearly made adequate disclosure of all facts and it is also not a case here, of submitting a claim which is incorrect in law. There is also nothing on record either to suggest that the Assessee had not acted in a bona fide manner and committed conscious defaultand concealed any income or furnished inaccurate particulars. Simply the Assessee did not prefer any appeal against the said quantum order, ifso facto would not lead to imposition of penalty.On the aforesaid analyzations, in our considered view, the Assessee cannot be held guilty of furnishing of particulars of income, for the purpose of levy of penalty u/s 271(1)(C) of the Act, hence we are inclined to delete the penalty under consideration. - Decided in favour of assessee.
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