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2017 (7) TMI 105 - AT - Income TaxPenalty levied u/s 271(1)(c) - exemption claimed u/s 54 - Held that:- AO failed to crystallize the charge on which the penalty was proposed u/s 271(1)(c) of the Act, which has to be met out by the assessee. Considering the decision of various Superior Courts, Hon'ble Bombay High Court in the case of Shri Samson Perinchery [2017 (1) TMI 1292 - BOMBAY HIGH COURT ], we delete the penalty levied by AO. - Decided in favour of assessee.
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