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2001 (10) TMI 256 - ITAT CALCUTTA-BExtract: .......he imposition of penalty at the rate of one hundred per cent of tax sought to be avoided will meet the ends of justice. We, therefore, direct the Assessing Officer to reduce the quantum of penalty to Rs. 7,35,000 i.e. one hundred per cent of tax sought to be avoided by the assessee. 19. In the result, appeal is allowed in the terms indicated above.
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