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2012 (7) TMI 422 - AT - Income TaxPenalty u/s 271(1)( c) on the ground of case selected for security the levy is in mandatory – Held that:- Since the retrospective application of proviso (iv) to section 80HHC is still pending with various Courts, the penalty issue arising out of non implementation of this section cannot be imposed till the final decision of Court relating to applicability of proviso (iv) to section 80HHC. In view of the appeal, the appeal of the assessee is allowed for statistical purposes.
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