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2020 (11) TMI 638 - AT - Income TaxPenalty u/s 271 (1) (c) - assessee had obtained bogus purchase bills from ‘hawala’ dealers - reopening of assessment - CIT(A) has restricted the addition of 12.5% of the total amount of bogus purchases - HELD THAT:- AO made addition of the total amount of bogus purchases. However, the Ld. CIT(A) restricted the addition to 12.5% of the questioned purchases, which was confirmed by the Tribunal in further appeal. The coordinate Bench has decided the identical issue in case of Sh. Ajay Loknath Lohia [2018 (10) TMI 724 - ITAT MUMBAI] in favour of the assessee. Since the facts of the present case are similar to the facts of the cases relied upon by the Ld. counsel for the assessee and the issues involved are identical, we do not find any reason to take a different view in this case. Hence, we decide this issue in favour of the assessee. Accordingly, we set aside the impugned order passed by the Ld. CIT(A) and direct the AO to delete the penalty levied/s 271(1)(c) - Decided in favour of assessee.
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