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1997 (3) TMI 150 - AT - Income TaxExtract: .......issue in the present case is squarely covered by the decision of the apex Court in Sir Shadilal Sugar and General Mills vs. CIT, and the decision of the ITAT, Jaipur Bench. Accordingly, we hold that in view of above observation, no penalty was imposable and accordingly, we direct the AO to delete the penalty. 6. In the result the appeal is allowed.
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