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1997 (1) TMI 137 - AT - Income TaxExtract: .......f the apex Court rendered in the case of Sir Shadilal Sugar and General Mills Ltd. vs. CIT. Respectfully following the precedent, we decide the issue in favour the assessee and against the Revenue. Accordingly, we direct the AO to delete the penalties imposed under s. 271(1)(c) of the Act. 8. In the result the appeals of the assessee stand allowed.
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