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2019 (3) TMI 1397 - AT - Income TaxPenalty levied u/s 271(1)(c) - collection collected and credited to building fund, disallowance of excess depreciation and commission income accounted short - HELD THAT:- As relying on SAMSON PERINCHERY [2017 (1) TMI 1292 - BOMBAY HIGH COURT] satisfaction of the AO with regard to only one of the two breaches mentioned under Section 271(1)(c) for initiation of penalty proceedings will not warrant/permit penalty being imposed for the other breach. This is more so, as an Assessee would respond to the ground on which the penalty has been initiated/notice issued. It must, therefore, follow that the order imposing penalty has to be made only on the ground of which the penalty proceedings has been initiated, and it cannot be on a fresh ground of which the assessee has no notice. - We delete the penalty u/s 271(1)(c) confirmed by the Ld. CIT(A). - Decided in favour of assessee.
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