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2016 (1) TMI 983 - ITAT PUNELevy of penalty u/s. 271(1)(c) - addition made on the basis of DVO’s report - Held that:- The DVO’s report is merely an expression of opinion. Thus, on the basis of opinion and assumption no penalty u/s. 271(1)(c) is leviable. Offence of concealment is not proved in such situation which is the co-requirement for levy of penalty u/s. 271(1)(c) of the Act. Similarly, in the case of Sathe Biscuits Vs. DCIT (2012 (3) TMI 468 - ITAT PUNE) the Co-ordinate Bench has held that no penalty can be levied on the addition made on the basis of DVO’s report. - Decided in favour of assessee.
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