1980 (4) TMI 150

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..... ccounting period which was Bengali year, the assessee was liable to pay a certain compulsory amount by 15th March, 1975 under the provisions of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974. Since this was paid on 17th March, 1975 the ITO initiated penalty proceedings and imposed penalty under s. 10 of the said Act. On appeal, the AAC cancelled the impugned penalty order. 2. Havin .....

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