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2014 (5) TMI 991 - ITAT AHMEDABADDeletion of penalty u/s 271(1)(c) of the Act – Transfer pricing adjustment –Failure to disclose true income - Held that:- The quantum proceedings had been restored the issue to the file of AO for reconsideration - the AO is directed to delete the penalty - the AO will be at liberty to initiate penalty proceedings after passing a fresh assessment in accordance with law – Decided against Revenue.
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