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1981 (5) TMI 62 - AT - Income Tax

The ITAT Indore heard two appeals by the Revenue against penalties cancelled by the AAC under s. 140A(3) of the IT Act, 1961. The assessees, minors and partners in a firm, explained delayed tax payment due to firm's financial difficulties. AAC cancelled penalties, citing reasonable cause for delay. ITAT upheld AAC's decision, dismissing Revenue's appeals.

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