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1989 (7) TMI 147 - AT - Income TaxExtract: ....... understating the value of closing stock. The mistake had occurred on account of inadvertent clerical mistake which did not provide any gain to the assessee nor caused any loss to the Revenue. We, therefore, cancel the penalty imposed upon the assessee and set aside the order passed by the CIT(A). 6. In the result, the assessee s appeal is allowed.
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