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1992 (12) TMI 16 - HC - Wealth-taxExtract: .......nd cannot be said to be perverse or unreasonable and, therefore, we are of the opinion that the Income-tax Appellate Tribunal was justified in cancelling the penalty of Rs. 12,423 levied under section 18(1)(a) of the Wealth-tax Act, 1957. Accordingly, the reference is answered in favour of the assessee and against the Revenue. No order as to costs.
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