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2006 (9) TMI 210 - ITAT CALCUTTA-BExtract: ....... notice on 9-5-1996 and levied penalty on 28-8-1996 which was barred by limitation. For the detailed discussions made above in this order from paras 8 to 14, we hold that the levy of penalties for assessment years 1971-72 to 1974-75 are barred by limitation. Accordingly, the same are cancelled. 16. In the result, the assessee s appeals are allowed.
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