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2010 (1) TMI 671 - PUNJAB & HARYANA HIGH COURTMis-declaration and undervaluation - there is no basis for exercise of the power and impugned Show Cause Notice is without jurisdiction - Merely because a contempt petition is pending, cannot be a ground to hold that the Show Cause Notice is mala fide or untenable - The evasion alleged is of Rs. 712.77 crores. In such a situation, the advice to the petitioner not to alienate the property till notice was pending cannot be held to be untenable - The statutory authority may take its decision after considering the view point of the petitioner, in accordance with law, without being influenced by any observation made hereinabove
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