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2013 (2) TMI 891 - ITAT CHANDIGARHExtract: .......s of income and mere disallowance of interest in the hands of the assessee under section 36(1)(iii) of the Act does not warrant levy of penalty u/s 271(1)(c) of the Act. The ground of appeal raised by the Revenue is dismissed. 7. In the result, the appeal of the Revenue is dismissed. Order Pronounced in the Open Court on 28th day of February, 2013.
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