685/CBDT.

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..... ther (77 I.T.R. 107) was reported. In this case, the supreme Court have observed as under:- " For the imposition of a penalty in respect of an assessment for the year ending on March, 31, 1962 or any earlier year which is completed after 1st day of April, 1962, the proceedings have to be initiated and the penalty imposed in accordance with the provisions of Section 271 of the Act of 1961. Thus th .....

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