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2017 (5) TMI 214 - AT - Income TaxPenalty u/s 271(1)(c) - Undisclosed investment in mutual funds - deduction u/s 80C and 80G denied - Held that:- As assessee failed to substantiate her claim before the AO by producing cogent and convincing evidence. So also even before the Ld. CIT (A) no such exercise was undertaken. Observing that there is no material in support of the claim of the assessee, the authorities below concluded that the assessee is not entitled to the benefits claim. However, since such material is produced now which according to the Counsel on either side requires verification at the end of the AO to reach a just conclusion, we find it just and proper to set aside the matter to the file of the AO for consideration of the matter afresh in the light of the documents now produced or that will be produced before the AO. Since, we are setting aside the matter relating to the quantum additions to the file of the AO, the penalty proceedings do not survive and they shall follow a fresh consideration of the matter by the AO
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