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2005 (2) TMI 475 - AT - Income TaxExtract: .......en explanation of the assessee is not found to be plausible and hence rejected, this is again not a just reason to levy penalty under s. 271(1)(c) of the Act. Consequently, penalty under s. 271(1)(c) is not leviable in this case. I draw support from the abovementioned decisions. 10. In the result, the appeal is allowed and the penalty is set aside.
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