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2017 (5) TMI 206 - AT - Income TaxPenalty under section 271(1)(c) - Held that:- As the quantum issues on the basis of which penalty under section 271(1)(c) of the Act for these years was levied do not now survive for consideration and, therefore, the said orders levying penalty under section 271(1)(c) of the Act being unsustainable, we cancel the same. Consequently, we allow the assessee’s appeals for assessment years 2001-02 to 2004-05 seeking the deletion of penalty levied under section 271(1)(c) of the Act. - Decided in favour of assessee.
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