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2014 (1) TMI 1129 - AT - Income TaxValidity of order passed by CIT u/s 263 - Held that:- In assessee's own case for A.Y. 2005-06 - The tribunal has held that no penalty is leviable in relation to claim for deduction of excess depreciation and interest on amount borrowed for building which was incomplete - Keeping in view the same order the Tribunal for the current year also deleted the penalty - The bona fide belief of the assessee has been upheld by the ITAT. A cryptic order per se cannot be held to be erroneous - Ld. CIT has erroneously assumed that bonafide belief was not considered by assessing officer - Once the assessee has filed the written reply and attended the proceedings it cannot be held that necessary inquiries were not carried out - Assessee cannot be visited with penalty u/s 271(1)(c) - The penalty order dropping penalty proceedings u/s 271(1)(c), merely because it is cryptic order cannot be held to be erroneous or prejudicial to the interest of revenue - It amounts to multiplicity of proceedings on hyper technical issues - Decided in favour of assessee.
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