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1991 (8) TMI 125 - ITAT BOMBAY-BExtract: .......t the penalty under section 271(1)(c) of the income-tax Act, 1961, has been wrongly imposed and levy of impugned amounts of penalty for the respective two years under appeal was wrongly confirmed by the CIT (Appeals). We direct that penalty be deleted for each of the two years under appeal. 20. In the result, the appeals by the assessee are allowed
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