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1971 (1) TMI 18 - SC - Income TaxWhen assessments have been made after 1st April, 1962, penalty can be imposed under Income-tax Act, 1961 in respect of assessment years ending prior to the commencement of Income-tax Act, 1961 - Tribunal has a discretion to say that no penalty could be levied at all, only in a case where there is no default or there is a reasonable cause for the default to which section 271(1)(a) refers - Revenue's appeal partly allowed
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