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1996 (3) TMI 155 - AT - Income TaxExtract: .......heir turnover far exceeding the limit of Rs. 40 lacs failed to have their books audited as enjoined by section 44AB without any reasonable cause. The submissions made on behalf of the assessee, therefore, stand repelled. 13. In the result, the impugned orders are set aside and penalties imposed by the Assessing Officer restored. 14. Appeals allowed
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