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2010 (2) TMI 256 - HC - Income TaxSearch and seizure- a search and seizure action was conducted on August 27, 2002. A block return was filed declaring undisclosed income of Rs. 12.01 lakhs and tax payable was mentioned as Rs. 7.56 lakhs. No payment of tax was made. Tribunal cancel the penalty. Held that- the Tribunal was not justified in canceling the penalty thus the matter is remanded.
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