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2018 (1) TMI 1243 - HC - Income TaxPenalty u/s 271(1)(c) - deemed dividend addition u/s 2(22)(e) - ITAT deleted penalty - Held that:- In the light of the finding recorded by the Commissioner (Appeals), it is apparent that no inaccurate particulars of income have been furnished by the assessee so as to attract the provisions of section 271(1)(c) of the Act. Moreover, both the Commissioner (Appeals) as well as the Tribunal were of the view that since section 2(22)(e) of the Act creates a legal fiction whereby loans/advances received by the assessee are deemed as taxable income in the hands of the assessee in certain circumstances as specified therein, and when such facts have been available with the Assessing Officer there would be no question of concealment of any particulars of any fact per se. - Decided against revenue
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