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2007 (8) TMI 389 - AT - Income TaxExtract: .......ssioner of Income-tax (Appeals) was not justified in sustaining the penalty of Rs. 1,72,15,033 imposed by the Assessing Officer under section 271 (1)(c) of the Act and accordingly we cancel the penalty in toto. The grounds taken by the assessee are therefore allowed. In the result, the appeal stands allowed. The order pronounced on August 24, 2007.
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