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2018 (3) TMI 1662 - HC - Income TaxPenalty u/s 271 [1](c) - disallowance of interest expenditure u/s 14A - Held that:- The quantum additions pertain to disallowance of interest expenditure under Section 14A of the Act read with Rule 8D . No evidence of assessee not disclosing the income or source of income which would give rise to penalty proceedings under Section 271[1](c) of the Act. The Tribunal, of course, has proceeded on somewhat different reasons, nevertheless, we see no reason to pursue further the penalty proceedings. Appeal dismissed.
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