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1987 (8) TMI 30 - HC - Income TaxExtract: .......) of the Act. In our opinion, therefore, the Tribunal was not justified in holding that the levy of penalty under section 273(b) of the Act was bad in law. Our answer to the question referred to this court is, therefore, in the negative and against the assessee. In the circumstances of the case, parties shall bear their own costs of this reference.
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