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2019 (7) TMI 599 - AT - Income TaxPenalty u/s 271(1)(c) - addition has been deleted by the Tribunal in quantum appeal - HELD THAT:- Sub-clause (iii) of section 271(1)(c) provides mechanism for quantification of penalty. It contemplates that the assessee would be directed to pay a sum in addition to taxes, if any, payable by him, which shall not be less than , but which shall not exceed three times the amount of tax sought to be evaded by reason of concealment of income or furnishing of inaccurate particulars of income. In other words, the quantification of the penalty is depended upon the addition made to the income of the assessee. In the present case, the addition has been deleted by the Tribunal vide order dated 12.5.2016 cited supra, and therefore penalty under section 271(1)(c) of the Act has not limb to stand. CIT(A) has rightly cancelled the penalty, which we confirm and the ground of the Revenue challenging impugned penalty is rejected. This observation and findings of our are also equally applicable to the cases of other three assessees. Therefore, appeals of the Revenue in all the cases are dismissed.
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