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2017 (8) TMI 722 - ITAT MUMBAILevy of penalty u/s.271(1)(c)- Booking bogus purchases - CIT(A) observed that, no addition was made by the AO while computing assessment, that the returned income and assessed income remained same, that the assessee was found to be debiting bogus expenditure in his books of account, that closing WIP was akin to the loss incurred by assessee during the year - Held that:- Penalty can be imposed only on the ground on which proceedings were initiated. Similar views have been expressed in the case of Baisetty Revathi(2017 (7) TMI 776 - ANDHRA PRADESH HIGH COURT). Considering the above, we reverse the order of the FAA and decide the effective ground of appeal in favour of the assessee.
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