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1996 (2) TMI 73 - MADHYA PRADESH HIGH COURTExtract: ....... invalid, the Tribunal came to the conclusion that levying of penalty on that basis was also invalid as the returns could not be used for assessing the tax liability. The view taken by the Tribunal appears to be justified and there is no reason to interfere. In the result, the reference is answered against the Revenue and in favour of the assessee.
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