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2004 (9) TMI 595 - ITAT MUMBAIExtract: .......erial to reject this explanation. Keeping all these factors in mind, we are of the considered view that the explanation of the assessee constituted reasonable cause for delay in compliance with tax audit requirements. The levy of penalty under section 271B, therefore, cannot be sustained. We cancel the same. 6. In the result, the appeal is allowed.
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