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2016 (2) TMI 237 - ITAT HYDERABADPenalty u/s 271(1)(c) - CIT(A) deleted the penalty - Held that:- Revenue has not made out any strong case for levy of concealment. In fact, as stated by the learned CIT(A), there was no evidence of investment in respect of assessment years, which could have been brought to tax as income of the year. The assessee has admitted income on his own and filed the returns in the course of proceedings under S.153A. That alone cannot be a basis for levy of penalty, unless there is evidence or nexus with the concealed income as stated by the CIT(A). The amount of ₹ 45 lakhs considered for penalty in assessment year 2007-08 was not invested in that year, but represents the investments made in assessment years 2002-03 to 2005-06. Likewise, the evidence in the form of scribblings on rough sheets cannot be considered as pertaining to assessment year 2008-09. In fact, any such undated evidence, at the most, can be considered as pertaining to the year of search, which could have been brought to tax in assessment year 2010-11, as the search took place on 20th August, 2009, but the Assessing Officer chose to bring to tax in the assessment year 2008-09, which is on the basis of the admission by the assessee under S.1342(4). In view of these facts of the case, we do not see any reason to disturb the findings of the learned CIT(A) for both the years. - Decided against revenue
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