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1976 (11) TMI 122 - AT - Income TaxExtract: .......ction did not necessarily imply that the assessee rsquo s accounts were totally false so as to justify the levy of penalty on him under s. 271 (1)(c). In these circumstances, we conclude that this being a case of estimate, no penalty is leviable on the assessee. The impugned order is, accordingly, cancelled. 5. In the result, the appeal is allowed.
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