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2007 (8) TMI 397 - AT - Income TaxExtract: .......account of it being agreed to be assessed does not arise. As a result, we find that explanation of the assessee is satisfactory. The revenue has not made out a case for sustaining the penalty. The penalty so levied is, accordingly, cancelled. Therefore, the appeal of the assessee is allowed. 12. In the result, the appeal of the assessee is allowed.
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