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2000 (11) TMI 277 - AT - Income TaxExtract: .......t years the AO himself has not initiated any penalty proceedings under s. 271B. Such a bona fide belief constitutes a reasonable cause within the meaning of s. 271B which justifies cancellation of penalty levied under the aforesaid facts and circumstances. Accordingly, we direct the AO to cancel the penalty. 5. In the result, the appeal is allowed.
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