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2003 (3) TMI 272 - ITAT CHANDIGARH-BExtract: .......s of s. 44AB and hence no penalty was leviable against the assessee under s. 271B of IT Act on this count, and hence the CIT(A) has rightly deleted the impugned penalty amount of Rs. 1 lakh. Accordingly, the order of CIT(A) in this regard is upheld and the ground of appeal taken by the Revenue is rejected. 4. In the result, the appeal is dismissed.
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