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1985 (10) TMI 29 - BOMBAY HIGH COURTExtract: .......o us to be correct to say that no penalty can be imposed on a registered firm because the penalty as calculated under the provisions of the latter portion of sub-section (1) upon the basis that it is registered firm would be nil. Accordingly, the question is answered in the negative and in favour of the Revenue. There shall be no order as to costs.
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