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1994 (4) TMI 111 - AT - Income TaxExtract: .......ed by the Revenue that the assessee furnished estimates of advance tax which he knew or had reasons to believe to be untrue. Therefore, we find merit in the submissions made by the learned authorised representative for the assessee and cancel the penalty levied. 8. In the result, the appeal is allowed. M.A. BAKSHI, J.M. I agree with the conclusion.
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