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2018 (1) TMI 1226 - AT - Income TaxPenalty u/s 271(1)(c) - non recording of reasons to levy penalty - Held that:- In the absence of recording of satisfaction regarding the exact nature of offence, no penalty under section 271(1)(c) can be imposed. In view of the aforesaid, we delete the penalty imposed. - Decided in favour of assessee
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