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1981 (6) TMI 91 - ITAT MADRAS-BExtract: .......ions urged on behalf of the appellant and hold that there was no concealment of income by the appellant or furnishing of inaccurate particulars which justified the imposition of penalty. Accordingly we cancel the penalties in all the five years, which shall be refunded to the assessee if already collected. 8. In the result, the appeals are allowed.
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