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2017 (7) TMI 259 - AT - Income TaxLevy of penalty u/s 271(1)(c) - addition on account of unexplained cash credit u/s 68 - Held that:- Since the issues have either been set aside to the file of the Assessing officer for reconsideration or deleted, the additions no longer remains in existence and therefore, there is no cause or basis for levy of penalty. The penalty levied is, therefore, directed to the deleted and the appeal of the assessee is therefore, allowed.
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