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2011 (1) TMI 1487 - AT - Income TaxExtract: ....... purpose was bonafide in nature for which assessee cannot be penalized. We thus while setting aside the orders of the authorities below direct the A.O to delete the penalty levied u/s.271(1)(c ) at ₹ 4,04,232/-. The Ground is accordingly allowed. 7. Consequently, appeal is allowed. The order is pronounced in the open Court on31st January,2011
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