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1995 (3) TMI 34 - HC - Income TaxExtract: .......ed return was considered not to mitigate the offence which has already been committed. In these circumstances, we are of the view that the Tribunal was not justified in cancelling the penalty of Rs. 21,500 levied under section 271(1)(c). Consequently, the reference is answered against the assessee and in favour of the Revenue. No order as to costs.
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