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2006 (5) TMI 503 - AT - Income TaxExtract: .......ve, we do not find from penalty order that there was a deliberate defiance of law on the part of the assessee. In our opinion, in the light of our above observations, penalty is not sustainable. We, therefore, cancel the penalty levied by the Assessing Officer under section 271B of the Act. 10. In the result, the assessee’s appeal is allowed.
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