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1992 (9) TMI 128 - AT - Income TaxExtract: .......unal in quantum appeal. In relation to sum of Rs. 7,50,000, we have upheld the levy of penalty under s. 271(1)(c). Since the income of the assessee has substantially been reduced, we direct consequential relief to the assessee and for recalculation of the penalty on the basis of tax as finally assessed. 37. Appeal of the assessee is partly allowed.
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