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2004 (4) TMI 262 - AT - Income TaxExtract: .......(a). 20. For the aforesaid reasons we, therefore, hold that levy of penalty under present s. 271F is to be imposed as per law prevailing on the date of default. 21. In the ultimate analysis, the order imposing penalty of Rs. 5,000 under s. 271F on the present assessee is cancelled. 22. In the result, the appeal filed by the assessee stands allowed.
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