1979 (7) TMI 126

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..... rs thereof. 2. The assessee for asst. yr. 1972-73 had returned an income of Rs. 7,704 and the income finally assessed was Rs. 16,000. As the returned income was less than 80 per cent of the assessed income, the ITO initiated penalty proceedings and after rejecting the explanation furnished by the assessee levied the impugned penalty. 3. The assessee, a registered firm derived income by plying .....

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