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2005 (6) TMI 233 - AT - Income TaxExtract: .......bove discussion, it is held that penalty proceedings were not initiated in accordance with law and consequently, the penalties levied under section 271(1)(c) cannot be sustained. The orders of the CIT(A) in all these cases as well as the penalty orders passed by the Assessing Officer are hereby cancelled. 11. In the result, the appeals are allowed.
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