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1978 (3) TMI 116 - ITAT AMRITSARExtract: .......n means that there is no concealed income. It being so, the order of the IAC is set-aside. The penalty is not imposable as the very basis of imposing penalty has disappeared. We do not propose to enter into the merits of the legal objection raised by the assessee s counsel. 8. In the result, both the appeals of the assessee succeed and are allowed.
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