Applicability of para 5(b) of instruction No.849 to AY 1973-74 and 1974-75.

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..... arising out of the retrospective operation of section 40A(7) no penalty proceedings be initiated where the inadequacy in the estimate of the correct income for purposes of payment of advance tax is attributable to the deduction of provision for payment of gratuity and that interest chargeable for short payment of advance tax in view thereof should be waived. 2. The board have considered the que .....

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