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1997 (12) TMI 140 - ITAT BOMBAY-EExtract: .......o have come to the conclusion that it had income which was liable for advance taxes in the previous financial year. Accordingly, the penalties levied under s. 273 are also cancelled. 21. In the result, the appeals by the assessee are allowed. Department s appeals 22. In view of our decision in assessee s appeals the Revenue s appeals are dismissed.
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