2015 (9) TMI 630

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..... Proceedings are initiated for levying penalty only on account of incorrect understanding of factual situation, So much so, proposal to impose penalty is without any basis – Held that:- In view of reply given by petitioner, finding in impugned order that in penalty proceedings petitioner has not explained anything regarding penalty notice was unsustainable – Therefore impugned order set aside – Dec .....

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..... ortion of which reads as follows: With respect to the proceedings initiated under Section 67, proposing penalty, we may point out that no grounds exists for imposition of penalty for the simple reasons that the transaction in fact is a purchase by the New Delhi office. Proceedings are initiated for levying penalty only on account of an incorrect understanding of the factual situation. So much .....

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..... impugned order that in the penalty proceedings the petitioner has not explained anything regarding the penalty notice is unsustainable. 4. In that view of the matter the impugned order is set aside. However, the petitioner will be at liberty to submit any detailed explanation or objection regarding the penalty notice. If the petitioner wants to make any such objection, it shall be done within a .....

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