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1998 (12) TMI 97 - AT - Income TaxExtract: .......ions were made, the penalties levied deserve to be cancelled. We do so. Since we are deleting the penalties on account of reasonable cause and bona fide belief, we do not think it proper to deal with the issue relating to the contention of the assessee that the penalties levied by the AO were time-barred. 11. In the result, the appeals are allowed.
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