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1999 (11) TMI 871 - ITAT MUMBAI
Extract:
.......he Assessing Officer subject to a maximum of 50 of the self-assessment tax payable. Admittedly, the Assessing Officer has not exercised his discretion in the instant case. Considering the circumstances of the case, we are of the opinion that penalty of ₹ 5,000 under section 140A(3) would meet the ends of justice. The appeal is partly allowed.