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2016 (1) TMI 1357 - AT - Income TaxPenalty u/s. 271(1)(c) - income disclosed in the returns filed u/s. 139(1) and the income assessed u/s. 153A of the Act - no satisfaction for initiation of penalty proceedings - Held that:- In the present case also satisfaction for initiation of penalty proceedings u/s. 271(1)(c) is not discernible from the order of assessment. The show cause notice u/s. 274 is also defective. We hold that the penalty imposed on the Assessee u/s. 271(1)(c) of the Act cannot be sustained and the same is directed to be cancelled. Assessee also advanced arguments on the availability of immunity to the Assessee under Explanation 5 to Sec. 271(1)(c). We are not dealing with those contentions as the penalty is being deleted on the basis of the other arguments referred to above. - Decided in favour of assessee.
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