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1978 (2) TMI 113 - AT - Income TaxExtract: .......uty upon the citizen to revise its estimate of income first time whereas upto the immediately last year there was no such application, we can reasonably hold that the cause pleaded by the assessee was a reasonable cause. We are, therefore, of the opinion that no penalty should have been imposed in this case. 8. In the result, the appeal is allowed.
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