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2018 (6) TMI 30 - AT - Income TaxInitiation of penalty u/s 271(1)(c) - exemption u/s 54F claimed in excess - non specification of charge - Held that:- Penalty was levied without mentioning the specific charge i.e whether on the grounds of concealment of income or furnishing of inaccurate particulars of income - thus following the case of SNITA TRANSPORT (P.) LTD. VERSUS. ASSISTANT COMMISSIONER OF INCOME-TAX [2012 (12) TMI 981 - HIGH COURT OF GUJARAT] penalty u/s 271(1)(c) is not sustainable - Decided in favour of assessee.
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