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1976 (4) TMI 106 - ITAT MADRAS-AExtract: ....... carefully considered the matter, we are of the opinion that the estimated filed by the assessee cannot be said to be unsupported by any material. As it was a bonafide estimate at that time, we hod that the penalty provisions are not attracted on the facts and circumstances of this case. We would, therefore, allow the appeal and cancel the penalty.
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