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1990 (8) TMI 46 - HC - Income TaxExtract: .......sustained by the Tribunal. For other years covered by the settlement, the agreement was that penalty equal to 25 of the penalty imposable under the Act would be imposable. In any event, once it is held that the assessee is guilty of concealment under section 271(1)(c), penalty less than the minimum imposable cannot be imposed. No order as to costs.
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