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1973 (10) TMI 3 - HC - Income TaxWhether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that no penalty was leviable in this case under section 271 (1)(c) read with the Explanation thereto and in deleting the penalty of Rs. 50,000 levied by the Inspecting Assistant Commissioner - Whether the cash found in the possession of the assessee can be treated as belonging to him rejecting his explanation that it did not belong to him
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