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1973 (2) TMI 37 - MADRAS HIGH COURTPenalty - whether the findings given by the authorities in the assessment proceedings are conclusive in the matter of levy of penalty - Tribunal is right in holding that on the facts and in the circumstances of this case where the assessee is found to have paid for the cotton purchased at the inflated rates, it is not possible to say that the assessee has deliberately concealed its income - findings in assessment proceedings were not sufficient to levy penalty
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