2003 (9) TMI 323

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....., 1995 whereby he has cancelled the penalty imposed under s. 271(1)(c) of the IT Act, 1961. 2. I have heard the learned Departmental Representative as well as the counsel for the assessee. 3. The learned Departmental Representative submitted that CIT(A) was not justified in cancelling the penalty, because the income of Rs. 90,774 was surrendered by the assessee after detection of the same b....