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1986 (3) TMI 118 - ITAT CALCUTTA-BExtract: .......the case, we are of the opinion that the penalty was validly imposed by the ITO and the Commissioner (Appeals) erred in cancelling the said penalty on the reasons recorded by him in the impugned order. We, therefore, reverse the order of the Commissioner (Appeals) and restore that of the ITO. 24. In the result, the appeal by the revenue is allowed.
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