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1986 (1) TMI 13 - HC - Income TaxExtract: ....... that the Tribunal was justified in cancelling the penalty of Rs. 16,250 levied by the Inspecting Assistant Commissioner of Income-tax under the explanation to section 271(1)(c) of the Act upon the assessee. The reference is answered in the affirmative, in favour of the assessee and against the Revenue. The parties are left to bear their own costs.
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