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2020 (9) TMI 537 - AT - Income TaxLevy of penalty u/s 271(1)(c) - absence of satisfaction so recorded - HELD THAT:- Where the assessee has carried the matter in appeal before the Tribunal in the quantum proceedings and the quantum additions as so claimed by the assessee have been reduced and which forms the basis for levy of penalty, the consequent quantum of penalty will also undergo a change, however, we find that there is no finding recorded by the CIT(A) in this regard. Assessee has raised contentions regarding lack of satisfaction for initiating the penalty proceedings while completing the assessment proceedings, to our mind, there are relevant considerations which needs to be examined and disposed off before the levy of penalty is confirmed. We accordingly set-aside the matter to the file of the ld CIT(A) to examine the various contentions so raised by the assessee and decide the matter afresh after providing reasonable opportunity to the assessee. The assessee is also directed to appear before the ld. CIT(A) and file the necessary information and documentation in support of its contentions, as so advised and ensure in timely completion of the appellate proceedings. This will not prejudice the right of the assessee in availing of the aforesaid settlement scheme and where the assessee so decides finally to opt for the scheme and has taken necessary steps as so specified therein, it can bring the same to the notice of the ld CIT(A) who shall then decide and take appropriate action as per law.
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