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1996 (7) TMI 197 - AT - Income TaxExtract: .......rder passed by the Commissioner confirming the imposition of penalty of the sum of Rs. 2,60,000 under section 271(1)(c) of the Act. We reverse the impugned order, cancel the penalty and direct the Assessing Officer to refund, as per law, the penalty amount, if any, paid in the meantime by the assessee-firm. 20. In the result, the appeal is allowed.
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