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1975 (12) TMI 90 - ITAT INDOREExtract: .......hich was not proved to the satisfaction of the authorities to have been incurred for business reasons. The penalty, in our opinion, will not be leviable in respect of this item also. 7. In the result we feel that penalty has not been correctly imposed and accordingly we quash the same and allow the assessee rsquo s appeal. 8. The appeal is allowed.
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