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2009 (5) TMI 948 - ITAT MUMBAIExtract: .......sees sister concern. The issues are debatable and the explanation furnished by the assessee is not held to be false by the assessing officer. The explanation is bona fide and under such circumstances, levy of penalty is bad in law. 8. In view of the above discussion, we allow both the appeals of the assessee. 9. Order pronounced on this 07.05.2009.
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