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2008 (10) TMI 260 - AT - Income TaxExtract: .......ished is not found to be false. Therefore, Expln. 1 to s. 27l(1)(c) is also not attracted. In such a situation, penalty is not leviable. Case laws relied upon by the learned counsel for the assessee also applies in the present situation. We, therefore, cancel the penalty levied under s. 271(1)(c) of the Act. 7. In the result, the appeal is allowed.
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