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2001 (2) TMI 1024 - ITAT MUMBAI
Extract:
.......₹ 34,699 only. We therefore direct the Assessing Officer to recompute penalty under section 271(1)(c) in respect of only these amounts at the rate of 100 per cent of tax sought to be evaded, or minimum imposable penalty. 24. In the result, while the appeals filed by Revenue are dismissed, the appeals filed by the assessees are partly allowed.