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ITAT Confirms Deletion of Penalty u/s 271(1)(c) for Unexplained Waived Amount in Bank Settlement.

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....Levy of penalty u/s 271(1)(c) - ITAT deleted the penalty - Additions u/s 41(1) - one time settlement with the SBI - Bank has waived a sum including interest - assessee has not furnished bifurcation of principal and interest amount in the total amount waived off by the bank - Penalty deleted by ITAT got confirmed.....

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