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2015 (7) TMI 746 - HC - Income TaxPenalty proceedings under Section 271(1)(c)- ITAT held that the order of the AO does not spell out the reasons for levying of penalty - Held that:- The Court is not inclined to interfere with the impugned order of the ITAT. The fact that the Assessee company was under liquidation at the time the penalty proceedings was initiated, is not in dispute. It is also noted by the ITAT in the impugned order that the Assessee was not undertaking any business from the AY 1997-98 onwards. In the circumstances, the Court is not persuaded to hold that the impugned order of the ITAT gives rise to any substantial question of law which requires to be examined.
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