1976 (10) TMI 29

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....C No. 1 of 1974 and ITC No. 2 of 1974) arise out of the assessment proceedings and the consequent penalty proceedings of M/s. Shiv Narain Khanna. The authorities constituted under the Income-tax Act found that certain transactions were bogus. The transactions were with a certain firm of which the assessee's wife and daughters-in-law were the partners. The nature of the transactions was that goods ....