Penalty u/s 271(1)(c) for inaccurate income particulars not imposed due to lack of prior proceedings.

Penalty u/s 271(1)(c) - a case of furnishing of inaccurate particulars of income has not been made out against the assessee. - Though, similar disallowances were made by the Assessing Officer in preceding assessment years and accepted by the assessee, however, no penalty proceedings for imposition of penalty u/s 271(1)(c) of the Act was initiated by the Assessing Officer - No penalty - AT .....

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