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1999 (8) TMI 105 - AT - Income TaxExtract: .......nding recorded in the quantum proceedings and benefit of doubt has to be given to the assessee. Having regard to the overall picture, the present case cannot be taken as a fit case for levy of penalty under s. 271(1)(c) of the IT Act. Therefore, we cancel the penalty levied and allow this appeal. 13. In the result, the assessee s appeal is allowed.
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