Penalty upheld based on co-noticees' statements without corroboration. Conclusion deemed reasonable.

The Bombay HC upheld the penalty on the appellant, finding it justified based on co-noticees' statements without additional corroboration. The court deemed the conclusion reasonable and dismissed the appeal.

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The Bombay High Court dismissed the appeal, stating that the penalty on the appellant was justified based on evidence from co-noticees' statements without the need for further corroborative material. The court found no perversity in the conclusion drawn.

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