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2006 (4) TMI 509 - HC - Income TaxExtract: .......e, but is a case of bona fide contesting claim of exemption and, therefore, the penalty was not leviable. 5. We are of the opinion that no exception can be taken to the view taken by the Tribunal as merely because claim to exemption is found to be not tenable, the penalty cannot be levied. The appeal is accordingly, dismissed. No order as to costs.
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