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1990 (2) TMI 145 - ITAT MADRAS-DExtract: .......ery stage of the proceedings, as discussed above. 21. We are therefore of the considered view that the levy of penalty under sec. 271(1)(c) of the Act in the present case was not justified and accordingly we cancel the same. The penalty amount shall be refunded to the appellant. If already collected from it. 22. In the result, the appeal is allowed
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