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2005 (8) TMI 588 - ITAT DELHIExtract: .......ment proceedings and the same cannot be the sole basis on which the penalty that can be imposed. We are, therefore, of the view that on the facts and circumstances of the present case, no penalty ought to have been imposed. We therefore, direct that the penalties imposed be deleted/cancelled. 8. In the result, the appeal of the assessee is allowed.
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