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1994 (7) TMI 121 - AT - Income TaxExtract: ....... Delhi High Court in the case of Narang and Co. Considering the facts and circumstances of this case in the light of the decision of the Delhi High Court in the case of Narang and Co., we are satisfied that penalty under s. 271(1)(c) is not attracted in this case. The penalty of Rs. 17,200 is accordingly cancelled. 7. In the result, appeal allowed.
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