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1996 (7) TMI 23 - HC - Income TaxExtract: .......t could not be said that penalty could not be imposed under the existing provision. In the present case, penalty could be levied under section 271(1)(c) of the Act. The Tribunal was justified in upholding the penalty and restoring the order of the Income-tax Officer. Hence, the question is answered in favour of the Revenue and against the assessee.
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