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1989 (1) TMI 60 - PUNJAB AND HARYANA HIGH COURTExtract: ....... that is, that received as refund by the erstwhile partners of the firm in their individual capacity. No penalty could, therefore, be imposed upon them in respect of the said amount. The Tribunal was thus correct in deleting the penalty imposed upon these partners. The reference is answered accordingly. There will, however, be no order as to costs.
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