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2021 (4) TMI 858 - AT - Income TaxPenalty proceedings under section 271(1)(c) - Claim of exemption of capital gains as per the provisions of section 54G - HELD THAT:- In view of the confirmation of deletion of quantum addition by the Hon'ble High Court [2019 (7) TMI 1046 - MADRAS HIGH COURT], we are of the considered opinion that the penalty levied under section 271(1)(c) of the Act cannot survive and accordingly, the appellate order passed by the ld. CIT(A) stands sustained. Thus, the ground raised by the Revenue stands dismissed.
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