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2014 (3) TMI 186 - HC - Income TaxCancellation of Penalty u/s 271(1)(c) of the Act - Whether the Tribunal is justified in cancelling the penalty levied u/s. 271(1)(c) of the Act inspite of the fact that the quantum appeal is kept alive by the same ITAT Bench – Held that:- Assessee was unable to controvert the facts – thus, the very basis of the Tribunal’s order on penalty disappears - when the Tribunal linked the issue of penalty with the order of CIT [A] dated 13th July 2011 and the order itself was later on setaside – then, of course with consequential directions, the Tribunal’s order dated 4th May 2012 requires reconsideration – thus, the present order is also set aside and the matter remitted back to the Tribunal for fresh consideration – Decided in favour of Revenue.
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