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2021 (11) TMI 1164 - HC - Income TaxPenalty u/s 271(1)(c) - judgment of the Tribunal would show that the penalty was deleted on the ground that quantum additions were deleted by the Tribunal and upheld by the High Court - HELD THAT:- In view of the position above, the question of penalty would not survive. As decided by Tribunal this issue is finally settled and decided in favour of the assessee by the Hon’ble High Court in assessee’s own case. Accordingly, in view of the fact that the addition itself was deleted by the Tribunal and then by the Hon’ble Jurisdictional High Court, then the penalty levied in respect of such disallowance is not sustainable - penalty levied under Section 271 (1) (c) against the disallowance of prior period expenditure is deleted. No substantial of question of law arises.
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