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2021 (8) TMI 319 - AT - Income TaxPenalty u/s 271(1)(c) - defective notice - Non stuck any of the twin charges - HELD THAT:- AO at the time of recording of the satisfaction did not show that how both the charges are tested for levy of penalty u/s 271(1)(c) - There may be certain circumstances where both the charges may sustain, but the AO at the time of recording satisfaction must demonstrate that how both the charges are satisfied. Even in the penalty order, such exercise has not been carried out. The issue is squarely covered in favour of the assessee by the decision in the case of SSA’s Emerald Meadows [2016 (8) TMI 1145 - SC ORDER] in favour of the assessee - in the case of Sahara India Life Insurance Corporation [2019 (8) TMI 409 - DELHI HIGH COURT] has held in favour of the assessee. In view of this the orders of the lower authorities with respect to the levy of penalty under Section 271(1)(c) are not sustainable. Accordingly, we delete the penalty levied by the ld. Assessing Officer - Appeal of the assessee is allowed.
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