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1995 (6) TMI 56 - AT - Income TaxExtract: .......ation between the assessed income and the returned income cannot be the sole basis for imposing a penalty for default under s. 273 without proving further the contumacious conduct of or the lack of bona fides on the part of the assessee. For this reason also, we delete the penalty. 9. In the result, the penalty in deleted and the appeal is allowed.
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