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2019 (10) TMI 627 - AT - Income TaxPenalty u/s 271(1)(c) - HELD THAT:- Now when the very genesis for the imposition of the penalty had been vacated and is no more in existence as on date, therefore, the penalty u/s 271(1)(c) can no more survive on a standalone basis. As regards the contention of the D.R, that as the order of the Tribunal in SAIMANGAL INVESTRADE LTD. [2012 (12) TMI 442 - ITAT MUMBAI] has been assailed before the Hon’ble High Court, therefore, on the said count, the present appeal may be kept in abeyance, we are afraid does not find favour with us. In our considered view, as the order of the Tribunal has not been stayed by the Hon’ble High Court and thus holds the field, as on date, therefore, there arises no occasion for keeping the present appellate proceedings in abeyance. We thus finding no merit in the appeal of the revenue, we dismiss the same. - Decided against revenue.
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