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2003 (12) TMI 260 - AT - Income TaxExtract: .......73B and in the case of reasonable cause no penalty is leviable. The above view is supported by the order of the Tribunal, Ahmedabad Bench, in the case of Vir Sales Corpn. vs. Asstt. CIT. We accordingly set aside the order of the lower authorities and cancel the penalty levied of Rs. 4,90,324. 8. In the result, the appeal of the assessee is allowed.
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