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1979 (3) TMI 96 - AT - Income TaxExtract: .......sent case under s. 271(1)(c) of the Act. In this view it is unnecessary for us to consider whether there could be any penalty in respect of deemed or fictional income. 11. In the result, we cancel the penalty of Rs. 35,000 levied by IAC and direct the ITO to refund the same if already collected form the appellant. Accordingly the appeal is allowed.
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