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2011 (8) TMI 1167 - AT - Income TaxExtract: .......e Assessee is bonafide. In the circumstances, we are of the view that penalty should not be imposed on the Assessee. We therefore direct that the penalty imposed should be cancelled. We order accordingly. The appeal of the Assessee is allowed. 16. In the result, the appeal is allowed. Order pronounced in the open court on the 5th day of Aug., 2011.
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