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1992 (9) TMI 73 - HC - Income TaxExtract: .......e of decision of the penalty matter. The Inspecting Assistant Commissioner having been divested of the Jurisdiction with effect from April 1, 1976, We hold that he was not competent to levy penalty on that date. The question is, therefore, answered in the affirmative, that is, in favour of the assessee and against the Revenue. No order as to costs.
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