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1988 (2) TMI 95 - ITAT ALLAHABAD-BExtract: .......fore, we hold that the assessee has concealed its income to the extent of Rs. 6,406 and penalty is leviable in accordance with law prior to the amendment of section 271(1)(iii) by the Taxation Laws (Amendment) Act, 1975 which came into effect from 1-4-1976 and reduce the penalty to the minimum imposable. In the result, the appeal is partly allowed.
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