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2020 (4) TMI 542 - AT - Income TaxPenalty u/s. 271(1)(c) - assessee submitted a chart showing the details of quantum additions/disallowance either deleted by the Tribunal or set aside to the Assessing Officer and also not levying of penalty on identical addition/disallowance made by the Assessing Officer in earlier assessment years - HELD THAT:- Most of the additions/disallowance made by the AO were either deleted or set-aside by the Tribunal to the Assessing Officer. In some of the cases the AO himself not initiated penalty proceedings in earlier assessment years where similar additions/disallowance were made. CIT(A) has rightly appreciated the submissions of the assessee and taking note of the fact that additions/disallowances were either deleted or set aside, he held that there was no concealment of income or furnishing of inaccurate particulars by the assessee in making its claims and the penalty was levied on mere change of opinion and the Ld.CIT(A) has rightly deleted the penalty levied for all these three assessment years. AO levied penalty on the disallowance made u/s. 14A while computing income under normal provisions of the Act as well as under book profits computation. Penalty cannot attract simply when there is an addition/disallowance is made. There is no concealment of income or furnishing of inaccurate particulars in making claim u/s. 14A - no penalty is attracted on disallowance made u/s. 14A - Decided against revenue.
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