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1994 (2) TMI 93 - AT - Income TaxExtract: .......eports, the assessee cannot be considered to be liable to imposition of penalty under section 271B simply for its failure to stick to the time-frame as referred to in section 44AB. Hence, we reverse the orders of the authorities below and cancel the penalties for all the three years. 12. In the result, the appeals filed by the assessee are allowed.
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