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1980 (5) TMI 7 - HC - Income TaxExtract: .......We are, therefore, of the opinion that in the circumstances of the case, the penalty of Rs. 5,000 ought not to have been imposed. We answer the question in the negative and are of the opinion that there was no circumstance by which the Tribunal, in law, would be justified in imposing penalty on the assessee under s. 271(1)(c) of the I.T. Act, 1961.
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