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2019 (1) TMI 641 - AT - Income TaxPenalty u/s 271(1)(c) - disclosure of unaccounted receipts for accounting year in addition to its regular income - Held that:- Evidence is an information only, which does not carry evidentiary value, hence, on the basis of this statement, it cannot be concluded that the assessee has furnished inaccurate particulars of income. Apart from above, the assessee has completely disclosed the details along with copies of accounts. It has made a noting in the return of income showing as to how ₹ 3.00 lakh is not to be included in its income. Such addition has been made, which might have not been changed, but for the purpose of penalty, the stand taken by the assessee deserves to be looked into and deserves to be decided afresh. CIT(A) has confirmed penalty for deemed concealment, whereas, this was not used by the AO as reason for visiting the assessee with penalty. We extracted a part of the penalty order as well as finding of the CIT(A). If both the orders of the Revenue authorities are being examined in the light of the discussion made by the Tribunal in the case Shri Kantibhai Naranbhai Prajpati [2018 (2) TMI 1823 - ITAT AHMEDABAD] then penalty is not sustainable. - Decided in favour of assessee.
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