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1994 (7) TMI 41 - HC - Income TaxExtract: .......he levy of penalty . In view of the finding recorded by the Tribunal, we are of the opinion that the Income-tax Appellate Tribunal was justified in upholding the levy of penalty on the basis of the addition on account of low withdrawals for household expenses. Accordingly, the reference is answered in favour of the Revenue and against the assessee.
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