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1981 (2) TMI 130 - ITAT INDOREExtract: ....... 15th March, 1975 that it was not liable for payment of any tax as per the provisions of s. 212(3) of the IT Act, 1961. Under these circumstances, the default on the part of the assessee is covered by a reasonable cause, and, hence we cancel the penalty imposed by the ITO under s. 273(b) of the IT Act, 1961. 5. In the result, the appeal is allowed.
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