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2018 (5) TMI 1152 - AT - Income TaxRevision u/s 263 - Penalty under Section 271(1)(c) set aside by AO - assessee filed the revised return after the search operation in the case of AMN Jewellers Pvt. Ltd. and offered the value of the jewellery for taxation - Held that:- When the assessee offered the income voluntarily and offered the same for taxation and the source of acquisition of such jewellery was also explained before the Assessing Officer as the gifts from relatives, friends and parents, which are accepted, there is no need to proceed further with penalty proceeding. As It cannot be said that the view taken by the Assessing Officer is erroneous and prejudicial to the interests of Revenue. This Tribunal is of the considered opinion that the view taken by the Assessing Officer for dropping the penalty proceeding initiated under Section 271(1)(c) of the Act is one of the possible views supported by the judgment of Apex Court in Suresh Chandra Mittal (2001 (6) TMI 63 - SUPREME Court). Therefore, it is not justified for the Administrative Commissioner to substitute his view by setting aside the order of the Assessing Officer dropping the penalty proceeding initiated. Therefore, we are unable to uphold the orders of the Commissioner. Accordingly the orders of the Administrative Commissioner passed under Section 263 of the Act are set aside and that of the Assessing Officer dropping the penalty proceeding are restored. - Decided in favour of assessee
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