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2006 (4) TMI 446 - AT - Income TaxExtract: .......here is nothing on record that the repayment in cash has reached to the assessee. Under these facts, we are of the considered opinion that the explanation submitted by the assessee although not accepted, was bona fide and hence, levy of penalty is not sustainable and the same is deleted. 6. In the result, this appeal of the assessee stands allowed.
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