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2003 (8) TMI 191 - AT - Income TaxExtract: ....... that the condition of Expln. 5 to s. 271(1)(c) of the IT Act, 1961, with regard to the payment of tax and interest on surrendered income stands satisfied. Accordingly, there is no reason for upholding the penalty on this count. We, therefore, delete the sustenance of penalty by the first Appellate Authority. 6. In the result the appeal is allowed.
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