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1981 (8) TMI 173 - ITAT PUNEExtract: .......ivided and therefore two views are possible, we have to prefer the view in favour of the assessee. We would accordingly hold that IAC did not have jurisdiction to levy penalty after amendment of s. 274 w.e.f. 1st April, 1976. Thus the IAC impugned order dt. 7th Aug., 1980 is without jurisdiction and is vacated. 11. In the result, appeal is allowed.
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