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2006 (5) TMI 172 - AT - Income TaxPenalty levied u/s 271(1)(c) - For Concealment Of Income - Addition on account of GP - Unexplained investment in deposit - Disallowance of depreciation - Third Member Order - HELD THAT:- ld. AM of the Bench came to the conclusion that the CIT(A) was justified in holding that no penalty is leviable in respect of the gross profit addition, disallowance of depreciation and as well with regard to the deposi ld. Judicial Member held otherwise that the CIT(A) was unjustified in deleting the penalty with respect to these amounts. Third Member, agreed with the view of the ld. AM on the issues referred to him. Thus, by majority view, we hold that the CIT(A) was not justified in confirming the penalty levied by the Assessing Officer u/s 271(1)(c) of the Act in respect of the amount on account of alleged undisclosed investment by the assessee in Balaji Apartments, and the CIT(A) was justified in deleting the penalty levied by the Assessing Officer u/s 271(1)(c) in respect of the addition on account of gross profit, unexplained investment in deposit and disallowance of depreciation. In the result, the appeal filed by the assessee is allowed and the appeal filed by the Revenue is dismissed.
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