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1993 (2) TMI 153 - ITAT JAIPURExtract: .......art of the assessee inasmuch as there exists material on the record to show that the assessee had been earning income in the past and could have saved some money out of his earnings. In view of such facts and circumstances of the case, I feel inclined to cancel the penalty. 6. In the result the penalty levied is cancelled and the appeal is allowed.
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