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2008 (7) TMI 5 - HC - Income TaxDeletion of penalty levied u/s158 BFA(2) - 1st proviso to Sec. 158 BFA(2) is directory or mandatory - Merely because the expression used is shall not be less than the amount of tax leviable or not exceeding three times the tax, doesn’t result in reading the first part of the section as mandatory - C.I.T. & I.T.A.T. have recorded reasons for exercise of their discretion - uphold the decision of I.T.A.T. that the section is directory, not mandatory & that the word “may” cannot be read as “shall”
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