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1977 (8) TMI 54 - HC - Income TaxExtract: .......and the amended provision is applicable to the penalty proceeding. Our answer, therefore, to the question is The amount of penalty imposable is to be worked out on the basis of the law in force on the date the Income-tax Officer directed initiation of the proceeding under section 271(1)(c) of the Act. We make no order as to costs. PANDA J.-I agree.
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