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1998 (7) TMI 126 - AT - Income TaxExtract: ........ 1st April, 1976. We find ourselves in agreement with the above view. For the reasons stated above and agreeing with the views expressed by the CIT(A), we hold that the impugned penalty is not exigible at all. The CIT(A) was perfectly justified in cancelling the impugned penalty. 9. In the result, the Revenue fails and the appeal stands dismissed.
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