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1980 (8) TMI 45 - HC - Income TaxExtract: ....... of Rs. 1,000 fixed by the Tribunal is above the minimum prescribed, we have to hold that the Tribunal had the power to reduce the penalty and fix it at Rs. 1,000. We, accordingly, answer the reference in T.C. No. 791 of 1976 also in the affirmative and against the revenue. The assessee will be entitled to its costs. Counsel s fee Rs. 500. One set.
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