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2020 (12) TMI 1147 - AT - Income TaxPenalty levied u/s 271(1)(c) - addition made u/s 68 - HELD THAT:- Admittedly the question of penalty u/s.271(1)(c) arises with respect to the addition made during the assessment proceeding. In the case on hand the quantum addition made u/s 68 of the Act for ₹ 70 lacs had been deleted by us in the quantum order as discussed above. Accordingly we are of the view that the penalty u/s.271(1)(c) is not sustainable. Thus the penalty levied by the AO is hereby deleted. Hence the ground of appeal of the assessee is allowed.
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