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1997 (8) TMI 103 - AT - Income TaxExtract: .......s. The disallowance of expenses made by the AO is also based on s. 40A(3). The reality and genuineness of the expenditure has not been disputed by the Departmental authorities. We are, therefore, of the considered opinion that penalty levied in the case of the assessee under s. 271(1)(c) should be cancelled. 7. In the result, the appeal is allowed.
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