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1988 (7) TMI 33 - HC - Income TaxExtract: .......im for deduction, the Tribunal was not justified in holding that the assessee was liable to pay penalty under section 271(1)(c) of the Act. For all these reasons, our answer to the question referred to this court is in the negative and in favour of the assessee. In the circumstances of the case, parties shall bear their own costs of this reference.
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