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2005 (3) TMI 74 - HC - Income TaxPenalty u/s 271B - before the levy of penalty under section 271B of the Act, the Assessing Officer has not obtained necessary approval from the Deputy Commissioner of Income-tax - Tribunal also noticed that the proceedings were not initiated for levy of penalty under section 271B of the Act, but the proceedings were initiated under section 271A and 271(2)(a)(sic) of the Act and on this ground also, the levy of penalty under section 271B of the Act is not sustainable - Further on materials it is found by the Appellate Tribunal that the accounts of the assessee were audited in accordance with the provisions of the company law and to that extent, the assessee is protected by the provisions of section 44AB - assessee was under the genuine impression and the assessee has shown reasonable cause against the levy of penalty under section 271B – tribunal is justified in setting aside the penalty
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