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2008 (4) TMI 371 - AT - Income TaxExtract: .......the entire facts of the present case, we hold that the explanation offered by assessee for claiming deduction in quantum proceedings is bona fide and therefore, there is no case for levy of penalty. Accordingly, we cancel the penalty levied by the AO and confirmed by the CIT(A) on the amount of Rs. 2,37,370. 9. In the result, the appeal is allowed.
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