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2023 (3) TMI 816 - ITAT SURATPenalty u/s 271(1)(c) - assessee has made transaction in Penny Stock Scrip - assessee filed his return of income declaring income in response to notice issued u/s148 - detection of concealment of income by department - HELD THAT:- As decided in Rajiv Garg case [2008 (7) TMI 363 - PUNJAB AND HARYANA HIGH COURT] AO had simply rested his conclusion on act of assessee of having offered additional income in revised return and had failed to take any objection that declaration of income made by assessee in his revised return and his explanation were not bona fide, penalty imposed upon assessee, was not justified and had rightly been set aside by appellate authorities. Also in Whiteford India Limited [2014 (2) TMI 541 - GUJARAT HIGH COURT] held that in absence of clear finding of assessing officer whether assessee is guilty of concealment or furnishing inaccurate particulars of income, penalty levied under section 271(1)(c) cannot be sustained. Thus direct the AO delete the entire penalty addition u/s 271(1)(c). Decided in favour of assessee.
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