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1993 (11) TMI 84 - AT - Income TaxExtract: .......t the assessee received the sum from another party was disbelieved but was not found to be false. 26. In view of the above, we hold that the case does not fall under clause (A), of Explanation 1, to section 271(1)(c) and, therefore, direct that the penalty under section 271(1)(c) of the Act should be cancelled. 27. The assessee s appeal is allowed.
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