1973 (7) TMI 25

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..... assessee to tax under the Income-tax Act, 1961, for the assessment year 1966-67. The assessing authority determined the amount of tax at Rs. 14,850 after adjusting a sum of Rs. 2,000 towards the advance tax paid. The balance tax due is Rs. 12,850 and a demand notice was issued for the said balance amount. Penalty proceedings were taken under section 271(1) of the Act and the penalty amount was c .....

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