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2015 (8) TMI 1440 - ITAT CHANDIGARHLevy of Penalty u/s 271(1)(c) - non specification of charge - Held that:- The assessee has made an agreement for no penalty, and at the same time given an explanation for the same which is duly substantiated by the Report of the Inspector of the Department itself. Therefore even by the admission / standards of the CIT(A) also, it is not a fit case for levy of penalty. In the instant case there is no material on record to show that the assessee had concealed the income or had furnished inaccurate particulars of his income. Decision in the case of Careers Education & Infotech (P) Ltd.'s case (2011 (3) TMI 602 - PUNJAB AND HARYANA HIGH COURT)is squarely applicable to the facts of present case. Considering the entire facts and circumstances of the present case, hold that it is not a fit case for levy of penalty u/s 271(1)(c) - Decided in favour of assessee
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