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2008 (2) TMI 900 - ITAT LUCKNOW
Extract:
.......e AO has not been able to make out any case for levy of penalty even on merits. The case is not covered either in cl. (A) or (B) of Expln. 1 to s. 271(1)(c) of the IT Act, 1961. As a result, penalty levied by the AO is cancelled. In the result, appeal filed by the assessee is accordingly allowed whereas the appeal filed by the Revenue is dismissed.
