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2021 (12) TMI 392 - AT - Income TaxPenalty u/s 271(1)(c) - assessee has failed to prove the genuineness of the transactions and the claims - CIT-A deleted the penalty - HELD THAT:- Since the quantum appeal is allowed by the Hon’ble Tribunal therefore the penalty will not sustained. We are of the opinion that the CIT(A) dealt on the facts and has relied on the decision of Hon’ble Tribunal and passed a reasoned order. Accordingly, we do not find any infirmity in the order of the CIT(A) and uphold the same and dismiss the grounds of appeal raised by the revenue
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