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1975 (6) TMI 19 - ITAT CUTTACKExtract: ....... We derive support for the above conclusion of ours from the decision in the case of CIT vs. S.P. Bhat 97 ITR 440 (Guj) relied on by the assessee. In the result, we cancel the penalty and allow the appeal. The ITO officer is directed to refund the amount of the penalty, if already recovered, to the assessee. 7. In the result, the appeal is allowed.
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