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1988 (12) TMI 142 - ITAT CALCUTTA-CExtract: ....... its particulars of income or furnished inaccurate particulars of its income relevant for the assessment year 1974-75 warranting the imposition of penalty u/s. 271(1)(c). In these facts and circumstances we hold that the ITO was not at all justified in imposing the penalty of Rs. 2 lakhs. We cancel the same. 8. In the result, the appeal is allowed.
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