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2005 (4) TMI 254 - AT - Income TaxExtract: .......ted in the disallowance of loss claimed by the assessee and, therefore, even on merits of the case, the penalty under s. 271(1)(c) of the Act is not leviable. Accordingly, the grounds of appeal of the assessee are allowed and the penalty levied under s. 271(1)(c) on the assessee is cancelled. 6. In the result, the appeal of the assessee is allowed.
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