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2019 (1) TMI 1133 - AT - Income TaxLevy of penalty u/s 271AAA, u/s 271(1)(c) and u/s 271(1)(c) - Assessment completed u/s 153B(1)(b) r.w.s. 143(3) of the Act in pursuance to search and seizure operation u/s 132(1) - Held that:- Since it is an admitted fact that additions on which penalty had been levied in the present case on account of bogus labour charges and on account of unaccounted sale transactions have been restored back to the A.O. by the I.T.A.T. the additions no longer survive and, therefore, the basis for levy of penalty u/s 271AAA of the Act also does not survive. Penalty levied u/s 271(1)(c) - unaccounted receipts of the assessee from running of the resort - Held that:- I.T.A.T. in the quantum proceedings held that it is a neutral preposition to confirm the addition and allow expenditure and the depreciation - in view of the peculiar facts and circumstances of the case the addition made by the Assessing Officer is liable to be deleted. Thus we find no reason to uphold the levy of penalty levied in the present case u/s 271(1)(c) of the Act. - Assessee appeal allowed.
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