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2006 (2) TMI 223 - AT - Income TaxExtract: .......ts of the partners. The addition made is accordingly deleted. 11. That in view of above finding deleting the addition, there is no question of levy of penalty under s. 271(1)(c) of the IT Act. The same is liable to and is hereby cancelled. Both the appeals of the assessee are allowed. 12. In the result, both the appeals of the assessee are allowed.
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