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2010 (3) TMI 843 - ITAT AHMEDABADPenalty levied under section 271(1)(c) - Held that:- assessee paid a sum of Rs. 10 lakhs for grabing contract and money has actually passed on to M/s. Tirupati Traders, no written agreement between the assessee and Tirupati Traders for withdrawing from the bid, there is nothing in the record to suggest that explanation of the assessee was not bona fide, assessee might have paid money to grab the contract from GMDC, there is nothing on record to suggest that any material fact to the computation of income was in fact existing but was not disclosed by the assessee, agreement did not actually exist. In view of the above, we hold that there is no case for levy of penalty under section 271(1)(c). The levy of penalty is accordingly cancelled. The appeal of the assessee is allowed.
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