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1980 (4) TMI 49 - HC - Income TaxExtract: ....... taken by the AAC and confirmed by the Tribunal are not correct. Accordingly, we answer the question in the negative that, on the facts and circumstances of the case, the Appellate Tribunal was not right in law in holding that the ITO had no jurisdiction to levy the penalty under s. 271(1)(c) of the Act for the assessment years 1968-69 and 1969-70.
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