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1979 (11) TMI 160 - ITAT MADRAS-CExtract: .......h penalty cannot be sustained if reasonable cause is shown by the assessee. In the present case there is no dispute that the assessee had a valid explanation for the delay of ten days in paying the deposit, which the AAC has accepted. We are hence of view that the penalty has been rightly cancelled by the AAC. In the result the appeal is dismissed.
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