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1995 (10) TMI 80 - ITAT JAIPUR
Extract:
.......im. Under the totality of the circumstances, therefore, we do not consider this to be a good case to attract penalty provisions. 16. Keeping in view the principles as discussed earlier and the facts and circumstances of the case, we cancel the penalty of Rs. 70,000 levied under section 271(1)(c) of the Act. 17. In the result, the appeal is allowed.