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2023 (8) TMI 293 - HC - Income TaxPenalty u/s 271(1)(c) - addition on account of the ALV of vacant commercial/self-occupied assets - Assessee argument was that since it was a debatable issue, and, hence, the plausible view, penalty could not have been levied u/s 271(1)(c) - tribunal sustained the view taken by the CIT(A) that penalty ought not to be imposed - HELD THAT:- It is not in dispute that the penalty notice did not indicate, clearly, as to which limb of Section 271(1)(c) was triggered for initiation of penalty proceedings against the respondent/assessee. It is possible, in a given case, that both limbs are attracted; however, even that aspect was not made clear in the notice issued by the AO u/s 271(1)(c) of the Act. [See Pr Commissioner of Income Tax-3 v Ms. Minu Bakshi [2022 (7) TMI 1307 - DELHI HIGH COURT]]. We are also aligned to the view that the issue involved was debatable at the relevant point in time, which took a different turn only when this court delivered its judgment in Ansal Housing Finance & Leasing Co. Ltd. [2012 (11) TMI 323 - DELHI HIGH COURT] Decided in favour of assessee.
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