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2016 (7) TMI 55 - HC - Income TaxPenalty u/s 158BFA (2) - Held that:- The levy of penalty u/s.158BFA(2) in the context of the facts discussed above is not justified. The facts are on record. The appellant makes certain claims about deductions, exemptions and inclusions in the declared undisclosed income. These claims are to be processed in the course of assessment proceedings resulting in acceptance and rejection of claims. The rejection of claim does not make it mandatory to levy penalty in every case of such rejection. On a proper consideration of the facts of the case, the order of penalty deserves to be cancelled. - Decided in favour of assessee
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