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2006 (5) TMI 138 - AT - Income TaxExtract: .......rsed by it that it was not covered by the provisions of section 44AB, it is not a fit case for the levy of penalty under section 271B of the Act. 5.14 For the foregoing reasons, penalties levied under section 271B of the Act for the assessment years 1998-99 and 1999-2000 are cancelled. 6. In the result, both the appeals of the assessee are allowed.
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