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1996 (7) TMI 103 - HC - Income TaxExtract: .......tely unwarranted. In view of the above discussion, we uphold the validity of sub-section (3) of section 80L of the Income-tax Act, 1961, but, at the same time, we quash the proposal in the assessment order for initiating penalty proceedings against the petitioner after reopening under section 148 of the Act. The petition is disposed of accordingly.
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