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2007 (8) TMI 390 - AT - Income TaxExtract: .......cealment on the part of the assessee and, therefore, the ld. CIT(A) 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. 22. In the result, the appeal stands allowed.
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