2022 (1) TMI 1199

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..... ) TMI 941 - ITAT MUMBAI] and VASAVI SHELTERS [ 2013 (4) TMI 485 - ITAT BANGALORE] when assessment is completed on the basis of income declared which is inclusive of additional income declared in the course of survey without making any addition thereon, the penalty u/s. 271(1)(c) of the Act for concealment of income is not warranted. The ld. DR did not dispute that the AO completed assessment on .....

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..... refore, we proceed to dispose of the appeal by hearing the ld. DR and perusing the material available on record. 3. The only issue is to be decided is as to whether the CIT(A) is justified in deleting the penalty imposed by the AO u/s. 271(1)(c) of the Act in the facts and circumstances of the case. 4. Heard ld. DR and perused the material available on record. We note that the assessee is an .....

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..... levied penalty of ₹ 51,01,472/- being minimum penalty @ 100%. The CIT(A) by placing reliance of the orders of ITAT Bangalore Bench in the case of Vasavi Shelters Vs. ITO reported in 141 ITD 590, ITAT Mumbai Bench in the case of Vipul Life Sciences Ltd. Vs. DCIT reported in 68 SOT 321 and also decision of Hon'ble High Court of Madras in the case of CIT Vs. S.S.M. Ahmed Hussain reported in .....

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