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2017 (3) TMI 1304 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- Since the very addition which is the basis for levy of penalty has been deleted by the Tribunal in the quantum appeal, therefore, the penalty does not survive. We, therefore, do not find any infirmity in the order of CIT(A) cancelling the penalty levied by the Assessing Officer u/s 271(1)(c) of the Income Tax Act. Accordingly, the order of the CIT(A) cancelling the penalty is upheld and the grounds raised by the Revenue are dismissed. - Decided in favour of assessee.
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