TMI Blog2014 (6) TMI 808X X X X Extracts X X X X X X X X Extracts X X X X ..... there was clear difference of opinion between the two CIT(A)’s - when there were two divergent opinions are possible on an issue, penalty u/s 271(1)(c) could not be levied - CIT(A) has observed that the assessee has offered an explanation regarding sundry creditors which was not found acceptable by the AO - there is no mistake in the order of the CIT(A) while deleting the penalty u/s 271(1)(c) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tten submission before the Tribunal with a request to consider the same while deciding the appeal of the Revenue. 3. The grounds of the appeal of the Revenue are as under: 1. The ld.CIT(A) has erred in law and on facts in deleting the penalty of Rs.3,48,760/- levied by the AO without properly appreciating the facts and materials brought on record by the AO. 2. On the facts and in the cir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lities. The department preferred an appeal to the Tribunal, and the Tribunal has restored the matter to the file of the AO to reprocess the assessment on the issue of an amount of current liabilities of Rs.9,96,455/- after verification of the liabilities. In the assessment framed under section 143(3) r.w.s. section 254, the addition of Rs.9,96,455/- on account of non-genuine credit balances was ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 271(1)(c) could not be levied. The CIT(A) has observed that the assessee has offered an explanation regarding sundry creditors which was not found acceptable by the AO, and that the AO has accepted the lease rentals received from the same sundry creditors parties. In these facts of the case, we are of the view that there is no mistake in the order of the CIT(A) while deleting the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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