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1980 (7) TMI 131 - ITAT DELHIExtract: .......in which he was a partner. Therefore, his estimate of income could not be taken as untrue or one which he had reasons to believe to be untrue. I, therefore, cancel the penalty on facts. Apart from that the default is of venial nature for which penalty need not have been levied Hindustan Steel Ltd s case.(1). 4. In the result, the appeal is allowed.
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