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2006 (1) TMI 541 - AT - Income TaxExtract: .......ited was not received by the assessee on 15-5-2001. Therefore, in our considered opinion the ld. Jt. CIT was not justified in levying penalty of Rs. 3,06,000 on the assessee. Hence, we set aside the order of the Assessing Officer and the CIT(A) and delete the levy of penalty of Rs. 3,06,000. 16. In the result, the appeal of the assessee is allowed.
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