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2019 (7) TMI 692 - AT - Income TaxPenalty u/s. 271(1)(c) - assessee declaring NIL income after claiming the benefit of exemption u/s. 11 & 12 - HELD THAT:- Addition on which the penalty has been initiated by the AO has already been deleted by the ITAT. Therefore, the penalty in dispute is not sustainable/survive. Hence, we are of the considered view that the Ld. First Appellate Authority has passed a well reasoned order on the basis of the ITAT order, which does not need any interference on our part, therefore, we uphold the same and accordingly, reject the grounds raised by the Revenue.
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