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1976 (2) TMI 49 - ITAT BOMBAY-BExtract: .......25,000. In the circumstances, the reference made by him to the IAC, and the further proceedings continued by the IAC culminating in the levy of penalty are not in accordance with law, and, are, therefore, invalid. On this ground also the penalty for the three asst. yrs. 1965-66 to 1967-68 cannot stand. 8. In the result, all the appeals are allowed.
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