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2010 (12) TMI 1264 - AT - Income TaxExtract: .......merits wherein the assessee has relied on a number of case laws for the proposition that the levy of penalty u/s 158BFA is not mandatory but discretionary and for the proposition that no penalty can be levied when the issue is debatable. 23. In the result, the appeal of the assessee is allowed. Order pronounced in the open court on 3rd Dec. , 2010.
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