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2002 (1) TMI 253 - ITAT AMRITSARExtract: .......he repayments to the depositors was not well conversant with the provisions of IT Act. There is no finding from the Jt. CIT or the CIT(A) that the transactions were not genuine or the transactions were Benami. 5.6. In view of the above, we cancel the penalty levied by the Jt. CIT and sustained by the CIT(A). 6. In the result, the appeal is allowed.
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