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2018 (1) TMI 792 - AT - Income TaxPenalty u/s 271(1)(c) - ALV of the Flat Nos. 502 and 203 at Kent Estate - Held that:- The claim of the assessee that it was using the Flats No. 203 and 502 for its business purposes had not been disproved, therefore, no penalty under Sec. 271(1)(c) on the said count could have been validly imposed in its hands on the said count. We thus in the backdrop of our aforesaid observations delete the penalty imposed by the A.O and sustained by the CIT(A). - Decided in favour of assessee. Penalty imposed u/s 271(1)(c) in the hands of the assessee as regards the suppressed contract receipts - Held that:- now when the assessee in the backdrop of the aforesaid facts was in actual receipt of an amount of ₹ 2,50,000/- from its aforesaid client, viz. M/s Siddhivinayak Construction Co., and had also claimed the credit as regards the TDS corresponding to the said amount only, therefore, the bonafides of the assessee as regards not accounting for the contract receipts of ₹ 4 lac stands duly established. We thus are of the considered view that as the bonafides of the explanation of the assessee as regards not accounting for the amount of ₹ 4 lac stands proved, therefore, saddling the assessee with penalty under Sec. 271(1)(c) as regards the said amount would not be justified. We thus for the aforesaid reasons vacate the penalty imposed by the A.O under Sc. 271(1)(c) in the hands of the assessee as regards the suppressed contract receipts of ₹ 4 lac. The Ground of appeal is allowed in favour of assessee.
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