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2022 (8) TMI 738 - AT - Income TaxPenalty levied u/s.271(1)(c) - exemption u/s. 11 - HELD THAT:- The quantum appeal itself is being allowed in favour of the assessee by granting exemption u/s. 11 of the Act, consequently penalty levied u/s. 271(1)(c) for concealment of income is liable to be deleted. Further more, the Ld. CIT(A) also as follows various case laws on the ground penalty cannot be levied on highly debatable issues of applicability of proviso to Section 271(1)(c). - Decided against revenue.
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