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2014 (12) TMI 396 - ANDHRA PRADESH HIGH COURTInitiation of penalty u/s 271(c) – Additions made during survey and penalty levied - Held that:- The levy of penalty is one of the deterrents provided for under the Act, to ensure that no assessee furnishes incorrect and wrong information or facts and figures in the returns – the Tribunal was rightly of the view that if the facts and figures noticed during the course of survey are accepted by the assessee, no occasion would arise for levying penalty and the absence of an endorsement or observation in the order of assessment for initiation of proceedings u/s 271 (c) of the Act would disable the AO from taking any steps in that direction – as decided in Commissioner of Income-Tax v. Reliance Petroproducts Pvt.Ltd. [2010 (3) TMI 80 - SUPREME COURT] – thus, the order of the Tribunal is upheld – Decided against revenue.
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