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2016 (5) TMI 544 - ITAT KOLKATAPenalty u/s 271(1)(c) - Held that:- Penalty levied u/s 271(1)(c) of the Act is liable to be cancelled on the ground that there was no proper recording of satisfaction in the order of assessment and that the show cause notice u/s 274 of the Act does not satisfy the specific charge against the assessee. Consequently the orders imposing penalty for all the four assessment years are held to be invalid and illegal and are hereby cancelled. Since the order imposing penalty is cancelled, the reduction of the quantum of penalty from 300% to 100% of the tax sought to be evaded has become academic/infructuous and therefore the appeals filed by the revenue are dismissed. - Decided in favour of assessee
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