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2012 (5) TMI 54 - ITAT AGRALevy of penalty under section 271(1)(c) - assessee contested that a similar addition made for A.Y. 2003-04 stands deleted by the Ld. CIT(A) in first appeal – Held that:- Such collection towards share deposit account was not in the nature of revenue receipt and hence was not taxable - the claim of the assessee was on bona fide belief of past accounting practice and legal interpretation - the assessee has disclosed the complete facts in the books of accounts and return of income - it is duty of the AO to compute total income in accordance with law on the basis of particulars filed by the assessee - there is no finding that the explanation furnished by the assessee was false - the AO himself did not disallow such amount in earlier years as well as in subsequent years - penalty under section 271(1)(c) is not leviable -The order of CIT(A) is confirmed.- in favour of assessee.
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