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1991 (12) TMI 100 - AT - Income TaxExtract: .......from the serious non-compliance of the mandatory provisions of section 274 and section 282 of the Income-tax Act, 1961. 6. In view of the foregoing discussion the penalties levied are hereby cancelled and the ITO is directed to refund the penalty amounts, if any, collected in the meantime from the trustees. 7. In the result, the appeals are allowed
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