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M/s. Gurusamy Ramamurthy, the assessee, an HUF filed its return for assessment year 2016-17 on 25.07.2016 admitting the total income at Rs. 2,66,650/-. While making the assessment, the Assessing Officer rejected the assessee’s agricultural income claim to the extent of Rs. 10 lakhs for want of details/evidences and completed the assessment, which the assessee itself accepted by its letter dated 04.12.2018. Subsequently, the Assessing Officer issued notice u/s. 247 r.w.s 271(1)(c) of the Act and after considering the assessee’s reply, levied penalty u/s. 271(1)(c) of the Act. Aggrieved, the assessee filed appeals against both the orders before the CIT(A). The CIT(A) dismissed the appeals.Aggrievedagainst those orders, assessee is in appeal before Tribunal.

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Sec. 271 of Income Tax Act, 1961—Penalty— The penalty proceedings being a separate proceeding, if at all, the AO intends to levy penalty, then the AO is bound to record the satisfaction that the explanation offered by the assessee is false and in the case of assessee, since the AO has not recorded such findings, penalty levied is un-sustainable and hence it is deleted - GURUSAMY RAMAMURTHY V/s ITO - [2020] 81 ITR (TRIB) 009 (ITAT-CHENNAI)