2011 (3) TMI 1642

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....ppeal at the behest of the Revenue arising from the order ofCommissioner of Income Tax (Appeals)-Valsad dated 22-10-2008. The Revenuehas challenged the deletion of penalty of ₹ 2,87,115/- levied under section271(1)(c ) of the Act. 2. The facts in brief as emerged from the corresponding penalty orderpassed under section 271(1)(c ) dated 31-3-2008 and the assessment orderpassed u/s. 143(3) da....

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.... were duly placed before the Assessing Officer,however, due to difference of opinion the explanation of the assessee wasrejected. On a careful perusal it is evident that there is no finding of fact in theassessment order that either the claim was found bogus or non-genuine. It isalso not the case of the Revenue, while levying the concealment penalty, thatthere was either a wrong statement or a fal....