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2016 (1) TMI 745 - ITAT DELHIPenalty u/s 271(1)(c) - income has been detected on account of scrutiny assessment - Held that:- It is evident that the assessee had received the amount of ₹ 5,38,854/-, which should have been made the assessee curious about this entry in his bank account. Therefore, it is clear that this amount had not been truly disclosed and explained by the assessee at the time of filing of its return of income, therefore, this amount was treated as concealed income and therefore, the reliance was placed upon on the decision of Zoom Telecommunication Ltd. (2010 (5) TMI 34 - DELHI HIGH COURT) wherein it has been held that since the income has been detected on account of scrutiny assessment and would be evaded if the scrutiny assessment was not done the penalty on concealment should be imposed. Therefore, the AO was fully justified in imposing the penalty u/s. 271(1)(c) of the I.T. Act, 1961 and Ld. CIT(A) was also right in reducing the amount of TDS and rightly confirmed the penalty of ₹ 1,25,306/- instead of ₹ 1,45,906/-. Hence, no reason to interfere with the well reasoned order passed by the Ld. CIT(A) - Decided against assessee.
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