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1988 (12) TMI 103 - CALCUTTA HIGH COURTExtract: .......In that view of the matter, the Tribunal was justified in holding that the deemed dividend which has been deleted cannot form the subject matter of imposition of penalty. For the reasons aforesaid, the question in this reference is answered in the affirmative and in favour of the assessee. There will be no order as to costs. J. N. HORE J. -I agree.
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