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1979 (7) TMI 121 - ITAT DELHI-CExtract: .......f the Act was also applicable to the case. In the view we have taken on merits, that no penalty is leviable in this case, we do not consider it necessary to deal with the above legal contentions. We, therefore, cancel the penalty of Rs. 2,27,555 as imposed by the Inspecting Asstt. Commissioner of Income-tax. 9. In the result, the appeal is allowed.
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