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1995 (5) TMI 71 - AT - Income TaxExtract: .......eal was preferred against the disallowance made in the assessment. We are, therefore, of the view that it is not a fit case for imposition of the impugned penalty. Since we are holding that no penalty is leviable, we refrain ourselves from dealing with the argument about the manner of calculation of penalty. 6. In the result, the appeal is allowed.
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