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1978 (11) TMI 92 - ITAT GAUHATIExtract: .......efore, are of the opinion that the penalty order was not proper and justified. Even otherwise, the assessee s net wealth would be below taxable limit if a proper computation was made, as briefly mentioned above. Accordingly we have no hesitation to cancel the penalty orders for all the above three years. 8. In the result, the appeals are dismissed.
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