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1998 (5) TMI 46 - AT - Income TaxExtract: .......had conducted the enquiries and even quantified the peak undisclosed income, the levy of penalty under s. 271(1)(c) was in order. The CIT(A) was not justified in law in cancelling the penalty. We accordingly reverse the order of the CIT(A) and restore the penalty levied on the assessee. 12. In the result, the appeal filed by the Revenue is allowed.
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