2012 (8) TMI 146

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....sp; 1. Heard learned counsel for the appellant. None present for the respondent.   2. In all these appeals, the revenue is aggrieved by the order of the ITAT whereby the penalty levied under section 271(1)(c) of the Income Tax Act, 1961 has been deleted.   3. The assessee was working as a Managing Director of Sandvik Asia Ltd. (SAL) and apart from salary had received some emoluments o....