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2016 (2) TMI 118 - AT - Income TaxPenalty order passed u/s 271(1)(c) - Held that:- Following the judgment of the Hon'ble High Court in case of Manjunatha Cotton & Ginning Factory (2013 (7) TMI 620 - KARNATAKA HIGH COURT ) as well as case of H.Lakshminarayana (2015 (7) TMI 601 - ITAT BANGALORE ), we hold that the orders of levy of penalty u/s 271(1)(c) in all the assessment years are invalid for want of spelling out the specific grounds on which the penalty was sought to be imposed and consequently the penalty imposed is cancelled. - Decided in favour of assessee
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