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2012 (1) TMI 359 - AT - Income TaxExtract: .......es. The explanation has not been shown to be false. In the circumstances, penalty is not leviable. In the circumstances, the order of the learned CIT(A) confirmed the levy of penalty under section 271(1)(c) of the Act stands reversed. In the circumstances the appeal of the assessee is allowed. 6. The order was pronounced in the court on 31/01/2012.
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