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1997 (10) TMI 96 - AT - Income TaxExtract: ....... to which penalty can be sustained, as I find that there existed a bona fide belief in not furnishing Form No. 26A. This, in my opinion, is a reasonable cause. Assessee can, therefore, be exonerated from the rigour of penalty. I, therefore, direct the Assessing Officer to delete the same. 9. In the result, the appeal of the assessee stands allowed.
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