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1976 (1) TMI 67 - AT - Income TaxExtract: .......m of penalty imposable in this case. In view of that fact, we are of the opinion that the quantum of penalty imposed by the lower authorities was a little on the high side. It will be reasonable if the same is confined to Rs. 1,500 in this case. 10. In the result the appeal in ITA No. 2120 is allowed while that of in ITA No. 2121 is partly allowed.
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