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1992 (12) TMI 8 - HC - Income TaxExtract: .......st Rs. 25,071 computed by the Inspecting Assistant Commissioner and thus reducing the penalty imposed under section 271(1(c) of the Income-tax Act, 1961, to Rs. 7,500. It is further held that the penalty could be imposed on the basis of the law as was prevalent on the date of furnishing of the original return. The reference is answered accordingly.
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