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1997 (9) TMI 641 - HC - Income TaxExtract: .......t. y₹ 1986-87 and 1988-89. The penalty of ₹ 1,50,000 for the asst. yr. 1986-87 and ₹ 92,221 for the asst. yr. 1988-89 is accordingly deleted. The decisions cited at the bar are on their own facts but principles laid down have been kept in view in arriving at the decision. 12. In the result, the appeals of the assessee are allowed.
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