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1976 (11) TMI 31 - HC - Income TaxExtract: .......ly claimed by the assessee to set off the profits made by the assessee, the finding that the losses put forward were false is sufficient to hold that there was a scheme on the part of the assessee to defeat the revenue. That was sufficient to attract the penalty proceedings under section 271(1)(c). The application is, therefore, rejected. No costs.
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