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2005 (4) TMI 22 - HC - Income TaxPenalty under section 271(1)(c) – leviability - Where an order of assessment or reassessment on the basis of which penalty has been levied on the assessee has itself been finally set aside or cancelled by the Tribunal or otherwise, the penalty cannot stand by itself and the same is liable to be cancelled as in the instant case ordered by the Tribunal and later cancellation of penalty by the authorities - Tribunal was justified in holding that the penalty under section 271(1)(c) was not leviable
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