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1977 (4) TMI 64 - ITAT JAIPURExtract: .......nt out that there is no material to prove that the assessee filed the estimate knowing it to be untrue or there were reasons to believe that the assessee knew that the estimate was untrue. Thus, from this point of view also, no penalty could be sustained. 11. In the result, both the appeals are allowed. The impugned orders of penalty are cancelled.
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