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1994 (5) TMI 49 - AT - Income TaxExtract: .......hich the transactions were done would certainly constitute reasonable cause for not finding the returns within time limit in the status of an individual. For all these reasons, we uphold the orders of the CIT(A) in having cancelled the penalty imposed under s. 271(1)(a) of the IT Act, 1961. 12. In the result, the Departmental appeals are dismissed.
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