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1979 (8) TMI 106 - AT - Income TaxExtract: .......al default, no penalty is leviable. Reference may be made to the decision in the case of Hindustan Steel Limited vs. State of Orissa (1). 11. In view of the aforesaid discussion, we are satisfied that the ld. AAC was wrong in sustaining the impugned orders of penalty. Accordingly, they are cancelled. 12. In the result, both the appeals are allowed.
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