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1989 (10) TMI 234 - AT - Income TaxExtract: .......prospect so any taxable profits in future years and therefore, we are of the considered opinion that no penalty could be validly imposed under section 271 (1) (c) under the aforesaid facts and circumstances of the assessee’s case. 6. In the result, the penalty imposed under section 271 (1) (c) is cancelled and the assessees appeal is allowed.
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