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of Voluntary surrender of income by assessee cannot be considered concealment. AO failed to prove concealment, merely concluded voluntary surrender as concealment. Voluntary surrender does not fall under deemed concealment as per Explanation 5A to section 271(1)(c). AO erred in levying penalty u/s 271(1)(c) by invoking Explanation 5A. CIT(A) sustained penalty without appreciating facts. ITAT set aside CIT(A) order, directed AO to delete penalty u/s 271(1)(c). Assessee's appeal allowed.
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