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2000 (10) TMI 173 - AT - Income TaxExtract: ....... is not a fit case for levy of penalty under s. 271B of the IT Act. The penalty levied is held to be unjustified and is cancelled. In the light of above finding I deem it unnecessary to go into several other legal issues raised by the learned counsel for the assessee. The penalty imposed is cancelled. 6. In the result, assessee s appeal is allowed.
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