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2019 (7) TMI 592 - AT - Income TaxPenalty u/s 271(1)(c) - disallowance of the claim of bad debts - HELD THAT:- As in quantum appeal on assessee's own case [2018 (7) TMI 2009 - ITAT MUMBAI] for the A.Y. 2003-04 in which the claim of bad debts has been allowed. Since the claim of the assessee in connection with bad debts has been allowed and the very base to levy the penalty is not in existence, therefore, no penalty is liable to be sustainable in the eyes of law. - Decided in favour of assessee.
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