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1979 (7) TMI 162 - ITAT PATNA-AExtract: ....... the amount for tax purposes, penalty could not be imposed. This view is supported by the decision of the Supreme Court in 76 ITR 696. Under the circumstances, even second ground of the assessee is accepted and the order of the IAC is set aside. The ITO is directed to refund the penalty if already collected. 6. In the result, the appeal is allowed.
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