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2016 (9) TMI 1075 - ITAT CHANDIGARHLevy of penalty under section 271(1)(C) - whether the assessee firm had inflated the profits by introducing the income from undeclared sources to get maximum deduction under section 80IC? - Held that:- The facts in the present case, we find, are identical to that in the preceding year, being penalty levied on addition made of unproved cash sales. As in the preceding year, the assessee in the impugned year had maintained complete Books of accounts which were audited also. The Books of accounts alongwith purchase bills, sales bills and stock register were produced before the lower authorities and complete facts with regard to sales made to different parties was disclosed. Thus the factum of cash sales was not concealed by the assessee. The sales ,including the cash sales,had been accepted by the sales tax authorities. The authorities below disbelieved the explanation of the assessee with regard to cash sales because complete details of the parties to whom cash sales was made was not disclosed. Since on identical facts the Hon'ble I.T.A.T. has deleted penalty in the case of the assessee in the preceding year , respectfully following the same, we set aside the order of the authorities below and delete the penalty levied in the impugned year. Decided in favour of assessee
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