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2023 (7) TMI 175 - AT - Income TaxPenalty u/s. 271(1)(c) - treating the returned income in response to the notice u/s. 148 as concealment of income - HELD THAT:- There is no concealment of income or furnishing of inaccurate particulars of income attracting the provisions u/s. 271(1)(c) as the assessee made complete disclosure in the return of income and further offered the same for taxation, when that is the case we find the conditions stipulated under the provisions u/s. 271(1)(c) are not satisfied as there was no satisfaction by the AO that the assessee really concealed or furnished inaccurate particulars of income in the return of income. We find the ratio laid down in the case of SAS Pharmaceuticals [2011 (4) TMI 888 - DELHI HIGH COURT] which was followed by the Delhi Tribunal in the case of Meeta Gutgutia [2016 (5) TMI 339 - ITAT DELHI] holding no penalty is maintainable when there is no variation in the return of income and assessed income. Therefore, taking into consideration the case relied on by the AR and facts and circumstances of the case, we find the ratio of laid down in the case of SAS Pharmaceuticals [2011 (4) TMI 888 - DELHI HIGH COURT] which was followed by the Delhi Tribunal in the case of Meeta Gutgutia [2016 (5) TMI 339 - ITAT DELHI] are applicable to the facts on hand. Thus, the order of NFAC, Delhi is not justified and ground raised by the assessee is allowed.
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