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1975 (11) TMI 21 - HC - Income TaxExtract: .......t properly exercised its discretion on the facts and circumstances of this case. The result is, though the revenue succeeds in setting aside the view of the Tribunal on the question of law, the reduction of penalty to Rs. 5,000 in the circumstances was not improper or unjustified. The reference is answered accordingly against the revenue. No costs.
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