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2016 (8) TMI 816 - GUJARAT HIGH COURTPenalty u/s 271(1)(c) - Held that:- For levy of penalty under section 271(1)(c) of the Act, the AO has to arrive at a positive finding as to whether the assessee was guilty of concealment of income in respect of particular amount or the assessee was guilty of furnishing of inaccurate particulars of income in respect of an amount. In the instant case, it is observed from the order of the AO that he has not arrived at a final conclusion as to whether the assessee was guilty of concealment of income, or the assessee was guilty of furnishing inaccurate particulars of income. The word “and” used in the order levying penalty clearly indicates that the AO could not clearly specify that assessee was guilty of either concealment of income or of furnishing of inaccurate particulars of income. See Commissioner of Incometax, Ahmedabad v. Reliance Petroproducts (P.) Ltd. reported in [2010 (3) TMI 80 - SUPREME COURT ] - Decided in favour of the assessee
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