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2012 (10) TMI 284 - AT - Income TaxPenalty u/s 271(1)(c) - additions, forming the basis of levy of penalty itself have been set aside - Held that:- Where an order of assessment or reassessment on the basis of which penalty has been levied on the assessee, has itself been finally set aside or cancelled by the Tribunal or otherwise, the penalty cannot stand by itself and the same is liable to be cancelled - Decided in favor of assessee
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