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1991 (7) TMI 134 - AT - Income TaxExtract: .......ce for initiation of any step for imposing penalty is a condition for the exercise of the jurisdiction. In this case we are satisfied that the satisfaction of the ITO was not there for launching of the penalty proceedings. Hence the penalties levied are liable to be quashed. Accordingly, we quash them. 9. In the result, all the appeals are allowed.
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