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1969 (8) TMI 25 - CALCUTTA HIGH COURT
Whether on a proper interpretation of section 271(1)(iii) and section 274(2) the Tribunal was right in reducing the penalty imposed on the assessee below the minimum prescribed u/s 271(1)(iii) - Held, no - Whether the Tribunal was right in holding that the penalty proceedings were properly initiated and that the penalty orders passed by the IAC were valid in law - Held, yes