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2007 (7) TMI 177 - HC - Income TaxPenalty imposed u/s 221 as assessee not filed appropriate form with IT dept. nor deposited tax deducted at source from time to time – Tribunal cancelled penalty – held that even though order of tribunal on the point of law was not correct, its finding that the discretion to levy penalty on assessee had not been fairly exercised, was based on appreciation of evidence & material on record – so tribunal was justified in cancelling of penalty – revenue’s appeal against tribunal order is rejected
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