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2012 (7) TMI 999 - AT - Income TaxExtract: ....... above, we are of the considered view that under the facts and circumstances of the case, penalty under section 271(1)(c) of the Act is not leviable. We, therefore, cancel the penalty of ₹ 1,74,594/- levied by the A.O. and sustained by the CIT(A). 11. In the result, appeal filed by the assessee is allowed. (Order pronounced in the open Court)
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