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2021 (4) TMI 1301 - AT - Income TaxPenalty u/s 271(1)(c) - HELD THAT:- In the present case, the basis for levying the penalty U/s 271(1)(c) is not in existence, as the assessment itself is set aside [2021 (5) TMI 22 - ITAT CHANDIGARH], we, therefore, by following the ratio laid down by KC BUILDERS AND ANOTHER VERSUS ASSISTANT COMMISSIONER OF INCOME-TAX [2004 (1) TMI 7 - SUPREME COURT] delete the impugned penalty u/s 271(1)(c) of the Act levied by the A.O. and sustained by the ld. CIT(A). - Decided in favour of assessee.
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