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1996 (3) TMI 5 - SC - Income TaxJurisdiction/Powers of Settlement Commission - Penalty Proceedings - order of the Settlement Commission is set aside to the extent it has dropped the penalty proceedings relating to the assessment years 1970-71 to 1974-75 and to the extent it has waived the penalties for the said assessment years. The orders and directions made by it shall not affect the said penalty proceedings which can now proceed according to law - commission can reopen completed proceeding u/s 245E
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