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1993 (12) TMI 104 - AT - Income TaxExtract: .......idering the legal position prior to assessment year 1985-86, the ratio of the A. P. High Court decision in Padma Timber Depot s case applies. Hence, for both the reasons, the levy of interest should be cancelled. 16. Since both the main grounds taken up in each of these three appeals are decided in favour of the assessee, these appeals are allowed.
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