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2014 (2) TMI 1311 - ITAT DELHIPenalty u/s 271(1)(b) - default of noncompliance during assessment proceedings - Held that:- Assessing Officer himself in the assessment proceedings has recorded the finding that Shri Kailash Jogani, CA and Shri Nitesh Aggarwal, CA, authorized representatives attended the assessment proceedings in compliance to notice issued under Section 142(1) and 143(2). He completed the assessment at the income returned by the assessee i.e. ₹ 1,80,290/-. In view of the above factual finding in the assessment order, we are of the opinion that the assessee cannot be said to have committed the default of noncompliance during assessment proceedings which may saddle with the liability of penalty under Section 271(1)(b). Accordingly, the penalty levied under Section 271(1)(b) for the all the years under consideration is cancelled. - Decided in favour of assessee.
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