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2023 (8) TMI 497 - ITAT HYDERABADPenalty u/s 271(1)(c) - penalty levied which comes to 298% of the tax sought to be evaded - assessee could not prove that the stock did not pertain to him and that the assessee could not produce any material evidence in this regard - as submitted that such penalty should be reduced to 100% of tax sought to be evaded - HELD THAT:- It is an admitted fact that the AO made addition being the value of excess stock of gold on the ground that the assessee could not substantiate with evidence that the stock available with him did not pertain to him. Accordingly, AO brought to tax an amount which was upheld by the CIT (A) in the quantum appeal and the AO thereafter initiated penalty proceedings u/s 271(1)(c) and levied penalty. Considering the totality of the facts of the case, we are of the considered opinion that levy of penalty of 100% of the tax sought to be evaded will meet the ends of justice, we, therefore, modify the order of the CIT (A) and direct the AO to restrict the penalty u/s 271(1)(c) at 100% of the tax sought to be evaded. Decided partly in favour of assessee.
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