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1979 (7) TMI 128 - AT - Income TaxExtract: ....... the said cash credit to be genuine and deleted the addition of Rs. 10,000. Thus the very basis for imposition of penalty under s. 271(1)(c) of the Act no longer remains. We accordingly, cancel the impugned order of penalty, on this ground alone. 23. In the result, appeal No. 134/JP/1978-79 is allowed, in part and appeal No. 890/JP/1979 is allowed.
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