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1995 (2) TMI 135 - AT - Income TaxExtract: ....... in getting the auditor s report late, the assessee had not acted in disregard of his statutory obligations and his conduct was neither fraudulent nor contumacious. That being so penalty levied under s. 271B was not at all justified and deserves to be cancelled. 13. In the result the penalty levied under s. 271B is cancelled and the appeal allowed.
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