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2022 (8) TMI 1277 - HC - Income TaxPenalty u/s 271(1)(c) - allegation that assessee made false claim of depreciation and deliberately furnished wrong particulars of income before the AO - HELD THAT:- This court is of the opinion that when the assessee succeeded in their appeals filed against the orders of assessment relating to the assessment years in question, which formed the basis for imposing penalty under section 271(1)(c) Tribunal is justified in holding that the question of imposition of penalty does not arise, as the assessment orders itself were set aside. There is no doubt that the questions of law involved in these cases are necessarily to be held against the Revenue, since there is no quantum of tax available for the purpose of levying penalty. - Decided against revenue.
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