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2009 (11) TMI 462 - HC - Income TaxPenalty- The return filed by the assessee for the assessment year 1994-95 deduction was claimed in respect of contribution to the petition scheme for Rs. 13,82,078 and interest on penalty charges levied for excess consumption of electricity. However, on consideration of the return after issuing notice under section 143(2) of the Act, and hearing the assessee, the assessment was completed disallowing the deduction. Tribunal held that the assessee had furnished inadequate particular of income and imposed penalty but the Tribunal cancelled it. Held that- order passed by the Tribunal was perverse and arbitrary and could not be sustained.
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