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1991 (1) TMI 95 - HC - Income TaxExtract: .......income assessed and that, in such circumstances, the penalty under section 271(1)(c) could not be levied. We see no reason to differ from the view taken by the Tribunal which is in accordance with the facts of the case. In the result, the reference is answered in the affirmative, that is, in favour of the assessee and against the Revenue. No costs.
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