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2003 (5) TMI 16 - RAJASTHAN HIGH COURT"Whether, Tribunal was justified in cancelling the penalty levied under section 10 of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974?" - The submissions and the admitted fact that the assessee has estimated his "nil" income and that has been filed his statement under section 209A(2), no direction was given by the Assessing Officer under section 6 of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, for deposit of any amount under the Compulsory Deposit Scheme (Income-tax Payers) Act. Considering these admitted facts, we are of the view that the Tribunal was justified in cancelling the penalty
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