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1990 (7) TMI 197 - AT - Income TaxExtract: .......n of the Supreme Court in the case of Hindustan Steel Ltd. v. State of Orissa 1972 83 ITR 26. In this view of the matter, therefore, penalty was not justified in the facts and circumstances of the case and therefore, we set aside the order of the CIT(A) on this point and cancel the penalty imposed by the ITO. 8. In the result, the appeal is allowed
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