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1977 (8) TMI 14 - HC - Income TaxExtract: .......not competent to impose the penalty of Rs. 5,000 under s. 274(2) of the Act, as it stood amended after the Amend. Act, on the assessee. The question referred to us will, therefore, stand answered in the negative, that is to say, in favour of the revenue and against the assessee. The assessee will pay the costs of this reference to the Commissioner.
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