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2004 (2) TMI 286 - AT - Income TaxExtract: ......., assessment of higher amount than Rs. 7 lakhs would not be legal and permissible. It is therefore, deemed proper that on facts of the case, the AO be directed to take assessee s undisclosed income under Chapter XIV-B at Rs. 7 lakhs. The AO is directed to revise the assessment accordingly. 12. In the result, the assessee s appeal is partly allowed.
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