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1992 (5) TMI 81 - AT - Income TaxExtract: ....... other words, on merits also this is not a fit case for levying penalty under section 271(1)(c) of the Act. 32. In view of the foregoing, therefore, we hold that the impugned penalty order cannot be sustained in law. We, therefore, cancel the penalty of Rs. 3,26,312 sustained by the CIT (Appeals). 33. In the result, the assessee s appeal is allowed
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