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1999 (2) TMI 106 - AT - Income TaxExtract: ......., we hold that no penalty can be imposed in first two cases. However, the AO was within his right in imposing penalty in the third case and on the third amount which was received on 25th May, 1992 The AO is directed to recompute the penalty only on the third amount i.e., of Rs. 40,000. 5. In the result, the appeal of the assessee is partly allowed.
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