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2015 (2) TMI 770 - PUNJAB AND HARYANA HIGH COURTPenalty u/s 221(1) - ITAT restricting the quantum of penalty as done by CIT(A) to 5% of the unpaid self assessment tax instead of @ 20% levied by the assessing officer - Held that:- One cannot omit the fact that the taxes emanating from the search by the group had been paid and Settlement Commission was also approached. The self assessment tax of ₹ 97.81 lacs alongwith the interest was also paid in part by 31-12-2011. The CIT(A) has after considering all relevant facts proceeded to exercise bonafide discretion to reduce penalty. The decision so recorded is neither perverse nor arbitrary. The affirmation of this aforesaid order by the Tribunal cannot be said to be perverse or arbitrary much less does it give rise to any substantial question of law. - Decided against the revenue
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