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1998 (5) TMI 31 - AT - Income TaxExtract: .......aring the statement of income which has been pointed out by the Assessing Officer while framing the assessment that cannot be a ground to penalise the assessee by imposing a penalty. Considering the entire circumstances of the case, in our opinion, this is a fit case where no penalty should have been levied. 7. In the result, the appeal is allowed.
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