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2019 (5) TMI 432 - AT - Income TaxPenalty levied u/s 271(1)(c) - satisfaction recorded by the AO while initiating penalty proceedings - HELD THAT:- While levying penalty, the Assessing Officer has held that the assessee has concealed particulars of its income by furnishing of inaccurate particulars of the same. In view thereof, where the AO had initiated penalty proceedings for one limb and levies penalty for both limbs; we find no merit in levy of aforesaid penalty under section 271(1)(c) of the Act. We find support from the ratio laid down in CIT Vs. Shri Samson Perinchery [2017 (1) TMI 1292 - BOMBAY HIGH COURT] wherein it was held that where there is no proper satisfaction for initiating penalty proceedings and in the absence of proper show cause notice to the assessee, there is no merit in levy of penalty. Accordingly, we delete the penalty levied under section 271(1)(c) of the Act in both the appeals. The grounds of appeal raised by assessee in both the appeals are thus, allowed.
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