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1977 (12) TMI 42 - ITAT CHANDIGARHExtract: .......hat the assessee confirmed the receipt of interest but this fact is disputed by the assessee. In any case, there is no evidence on record to suggest that either the assessee gave a loan of Rs. 25,000 or any interest was received in these two years. The penalties levied in both the years are cancelled. 5. In the result, both the appeals are allowed.
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