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2001 (6) TMI 192 - AT - Income TaxExtract: .......view that the authorities below have acted wrongly and imposed penalty upon the assessee, without considering all the facts and circumstances of the case in its entirety. Accordingly, we set aside both the orders of the lower authorities and cancel the penalty levied under section 271(1)(c) of the I.T. Act. 22. In the result, the appeal is allowed.
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