1987 (6) TMI 70

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..... The penalty order was cancelled by the ld. AAC, as, according to him the assessment made was invalid as tax payable was not calculated in the body of the assessment order. The ld AAC followed the decision of the Honourable J&K High Court in the case of S.M. Shah Naqashbandi reported in (1977) 110 ITR 210 (J&K)(sic). 2. After hearing the parties, we are of the opinion that the order of the AAC i .....

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