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2004 (10) TMI 285 - AT - Income TaxExtract: .......gh the decisions have been cited on p. 3 of his order. 7.12. In view of the above discussion, we are unable to concur with the learned CIT(A) and set aside his order. Accordingly, penalty of Rs. 8 lakh imposed by the AO and sustained by the learned CIT(A) under s. 271(1)(c) of the IT Act is cancelled. 8. In the result, assessee s appeal is allowed.
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