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2009 (2) TMI 279 - ITAT BANGALORE-BExtract: .......t represents drawings by a partner for making investment, in a property in the name of AS has not been found incorrect, there is no justification for levy of any penalty for violation of s. 269T. 15. For the above reasons, the penalty of Rs. 14.72 crores under s. 271E is cancelled and the appeal of the assessee is allowed with no order as to costs.
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