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2016 (4) TMI 1124 - AT - Income TaxPenalty u/s.271(1)( c ) - Held that:- In the present case satisfaction for initiation of penalty proceedings u/s.271(1)( c) of the Act is not discernible from the order of assessment. The show cause notice u/s.274 of the Act is also defective. The same is also enclosed as Annexure A to this order. Following the decision referred to above, we hold that the penalty imposed on the Assessee u/s.271(1)( c) of the Act cannot be sustained and the same is directed to be cancelled. Accordingly, the additional ground raised by the assessee in all the four appeals are allowed. The other ground raised by the revenue and assessee are dismissed as infructuous. - Decided in favour of assessee.
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