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2016 (3) TMI 1024 - AT - Income TaxPenalty proceedings under section 271(1)(c) - Held that:- The initiation and levy of the penalty should be on a specific charge otherwise the whole proceedings is bad in law and gets vitiated. This principle has been followed by the Tribunal in several cases. Before us, no contrary decisions of any other High Court have been brought to our notice, accordingly, we are of the view that the entire proceedings of initiation and levy of penalty under section 271(1)(c) is bad in law and hence, the penalty levied by the AO and as confirmed by the CIT(A) is quashed. - Decided in favour of assessee
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