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1990 (1) TMI 126 - AT - Income TaxExtract: ....... were rejected by the ITO without examining the deponent-creditors or the promises or the Notary Public. So, this is simply a case of rejection of explanation though substantiated by the assessee. 15. For all these reasons, the penalty levied under s. 271(1)(c) in respect of the additions sustained by the Tribunal is vacated. The appeal is allowed,
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