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1998 (5) TMI 42 - AT - Income TaxExtract: ....... the mischief of Explanation 1 to section 271(1)(c). In the circumstances, no penalty under section 271(1)(c) would be leviable for assessment year 1987-88 under appeal. The view of the ld. Accountant Member is, therefore, confirmed. 15. The matter would now go back to the Division Bench for passing an order in accordance with the majority opinion.
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