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1976 (1) TMI 36 - AT - Income TaxExtract: .......ng that the failure to return the correct income did not arise out of fraud or gross or wilful neglect. The ITO, by not invoking the Explanation has denied him the opportunity. The Department cannot, therefore, now raise that point and attempt to sustain the order of penalty on that point. 7. Accordingly, we allow the appeal and cancel the penalty.
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