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2008 (2) TMI 329 - PUNJAB AND HARYANA HIGH COURTPenalty proceedings under Section 271(1)(C) - penalty proceedings were kept in abeyance as the assessee had filed an appeal before the Commissioner of Income Tax (Appeals) - Whether on the facts and in the circumstances of the case, the ITAT was right in deleting the penalty levied, when the quantum of income assessed, which forms the basis for levy of the penalty, has not attained its finality – Held, yes – revenue’s appeal dismissed
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