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2005 (7) TMI 578 - AT - Income TaxExtract: .......ssment year 1995-96 was pending on 1-2-1999 when penalty notice under section 271D was issued. Hence, initiation of penalty proceedings was bad in law. The impugned order of the learned CIT (Appeals) is, therefore, quashed and the penalty proceedings initiated by Assessing Officer are cancelled. 14. In the result, appeal of the assessee is allowed.
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