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2003 (3) TMI 18 - HC - Income TaxPenalty u/s 271(1)(c) - power to levy a penalty - power to levy a penalty under section 271(1)(c) is discretionary - That discretion so vested in the Assessing Officer is subject to appeal and the appellate authority is entitled to look into all the facts of the given case and decide as to whether the penalty was to be sustained or set aside - Commissioner and the Tribunal have examined all the facts and accepted the assessee's claim that his failure to file the return earlier was bona fide – Thus, there is no infirmity in Tribunal’s order cancelling the penalty levied under section 271(1)(c)
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