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2016 (12) TMI 1346 - ITAT MUMBAIPenalty u/s 271(1)(c) - Held that:- The evidence for delay in finalizing of taxaudit of the two concerns namely Neeta Developers and Choice Construction Chemicals in which the assessee was partner and which was handled by other partner could not be brought on record. In our considered view and in the interest of justice, we are inclined to set aside and restore this matter to the file of the ld. CIT(A) for fresh adjudication of penalty u/s 271(1)(c) of the Act de novo on merits after verification whether the contentions/explanation of the assessee are bonafide or not and whether the same constitute reasonable cause for said failure within mandate of Section 273 of the Act, as section 271(1)(c) of the Act is subject to Section 273 of the Act . The assessee is directed to appear before the ld. CIT(A) and submit all the evidences to substantiate his claim and to establish that the cause for failure to file return of income and pay taxes to Revenue are bonafide and constitute reasonable cause with in parameters of Section 271(1)(c) of the Act read with Section 273 of the Act.
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