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1987 (7) TMI 41 - HC - Income TaxExtract: .......sed under section 271(1)(c) of the Income-tax Act, 1961. In other words, both the questions referred to us are answered in the negative, in favour of the Revenue and against the assessee. The Tribunal shall now determine the quantum of penalty in accordance with law. In the circumstances of the case, however, the parties shall bear their own costs.
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