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2012 (11) TMI 1314 - AT - Income TaxExtract: ....... tax audit report the fact that the disallowance has been made of expenditure reported in tax report does not call for levy of penalty under Sec. 271(1)(c). We thus cancel the penalty levied by the A.O. Therefore, this ground of assessee is allowed. 12. In the result, appeal of the assessee is allowed. Order pronounced in Open Court on 23-11- 2012.
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