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2015 (8) TMI 1196 - AT - Income TaxPenalty proceedings under Section 271(1)(c) - assessee offered an amount voluntarily - Held that:- In penalty proceedings, the burden was always on the revenue to prove concealment and a finding reached in the quantum appeal that a particular income is liable to be added as income of the assessee is not binding in penalty proceedings. In this case, the A.O. imposed the penalty based on the statement recorded under Section 131 of the Act and thereafter, the assessee has submitted detailed reply with regard to the nature of business under what circumstance the amount was offered as the additional income. The A.O. without enquiry/investigation to verify the correctness of the explanation given by the assessee, he has simply rejected the explanation given by the assessee and imposed the statement given by the Managing Partner of the company during the course of survey. Keeping in view the facts and circumstances of the case and also following the above said judicial precedence, we are of the opinion that this is not a fit case to levy penalty under Section 271(1)(c) - See CIT v. S. Khader Khan Son (2013 (6) TMI 305 - SUPREME COURT ) - Decided in favour of assessee.
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