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2016 (1) TMI 136 - HC - Income TaxPenalty u/s. 271(1)(c) - Held that:- Where an issue is debatable/ arguable, no occasion to impose penalty can arise and the fact that the appeal in quantum proceedings had been admitted, was evidence enough of the issue being debatable. See Nayan Builders & Developers Pvt. Ltd. v/s. ITO [ 2014 (7) TMI 1150 - BOMBAY HIGH COURT] - Decided in favour of assessee.
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