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1977 (10) TMI 54 - ITAT CUTTACKExtract: .......is allowed in part. Estimate of the escaped turnover at Rs. 4,46,000 is upheld. Penalty is reduced to 1 1/2 times of the tax to be imposed on the above escaped turnover. The case is remanded to the assessing officer for further enquiry and reassessment in the light of observations made above. Excess tax and penalty, if realised, should be refunded.
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