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2022 (4) TMI 108 - AT - Income TaxPenalty u/s 271(1)(c) - As argued no satisfaction or specific charge for levy of penalty u/s.271(1)(c) - HELD THAT:- We noted that the Hon’ble Madras High Court in its latest decision in the case of Babuji Jacob,[2020 (12) TMI 574 - MADRAS HIGH COURT] has categorically held that there is no basis for issuance of notice u/s.271(1)(c) of the Act, where both limbs in the said provision do not get attracted. The Hon’ble Madras High Court has distinguished its own decision of Sundaram Finance Ltd.[2018 (5) TMI 259 - MADRAS HIGH COURT] and validity of notice issued u/s.271(1)(c) r.w.s. 274 of the Act was decided in favour of the assessee. Respectfully following the same, as in the present case the AO has not strike of the inappropriate charge, we delete the penalty levied by the AO and confirmed by CIT(A). We direct the AO accordingly. Appeal of assessee allowed.
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