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1981 (3) TMI 108 - ITAT CALCUTTA-EExtract: .......assessee in ITA No. 1514/JP/79 (asst. yr. 1974-75), decided on 21st Feb., 1980, wherein on similar facts, the penalty order has been quashed. We, with the learned counsel for the assessee, therefore, agree Mr. N.M. Ranka that the penalty is not exigible in the present case. We hold likewise. 13. In the result, the appeal by the assessee is allowed.
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