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2015 (1) TMI 513 - ITAT DELHIPenalty u/s 271(1)(c) - incriminating material found during the search or not - surrender of income - Held that:- In the facts of the present case it stands fully addressed that the assessee has offered an explanation consistently in terms of clause (A) of Explanation-1 to section 271(1)(c) and considering the overall conduct of the assessee as is discernable form the record, we are of the view that the bonafides contemplated in Clause B of the said explanation cannot be doubted as in the facts of the present case the occasion to conceal and filing of inaccurate particulars does not arise as the assessee who is described as an illiterate old Halwai who admittedly offered to surrender income for tax which was retracted on the grounds that offer was made on the belief that incriminating material was found during the search where admittedly the seized documents when made available showed that nothing incriminating was found. Where admittedly the jewellery found was less than the disclosed jewellery and in the said period no property either by the assessee or the family had been purchased and cash found was claimed consistently belonging to the various firms and explainable from that recorded books of accounts and none of these findings and claims have been shown to be incorrect. Thus we set aside the impugned order and quash the penalty holding that the explanation offered by the assessee is a bonafide explanation on facts which deserves to be accepted. Decided in favour of assessee.
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