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1976 (11) TMI 81 - ITAT CUTTACKExtract: ....... Rs. 22,870. Taking these into consideration, I find that the liability of the appellant to pay tax form 1st April, 1970 has not been properly fixed. As such the assessment for the year 1970-71 must be quashed. 7. In the result the appeal is allowed. The assessment u/s 12(5) is annulled. Tax and penalty if paid be refunded by the assessing officer.
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