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2006 (6) TMI 418 - ITAT LUCKNOWExtract: .......case of Vijay Sagar Oswal ( supra). Therefore, merely because the assessee rsquo s explanation was not accepted it cannot be held that the explanation was false. Under such circumstances, penalty cannot be sustained. We accordingly confirm the order of the ld. CIT(A) on this issue. 23. In the result, the appeal filed by the Department is dismissed.
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