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2009 (2) TMI 863 - AT - Income TaxExtract: .......y explanation which has been substantiated with the necessary evidences and the same were not found false by the AO. Under these circumstances, we are of the considered view that penalty under s. 271(1)(c) is not leviable, therefore, we cancel the penalty of ₹ 1,61,943 levied by the AO. 7. In the result, the appeal of the assessee is allowed.
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