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2023 (4) TMI 330 - AT - Income TaxPenalty u/s.271(1)(c) - addition towards unexplained credit u/s.68 and addition u/s.56(2)(viib) - HELD THAT:- As the very basis for imposing penalty in the hands of the assessee company u/s.271(1)(c) had been vacated by the Tribunal, therefore, the penalty imposed by the A.O u/s.271(1)(c) of the Act cannot be sustained and has to meet the same fate. In terms of our aforesaid observations, vacate the penalty imposed by the A.O u/s.271(1)(c) - Appeal of assessee allowed.
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