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1972 (5) TMI 2 - HC - Income TaxPenalty for under-valuation of stock - Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in cancelling the order of penalty passed by the Inspecting Assistant Commissioner under section 271(c) read with the Explanation thereto - assessee is not guilty of fraud or wilful neglect as per the Explanation to s. 271(1)(c), because he was only adopting the same method of accounting as was done by the department – therefore, we answer the question referred to us in the affirmative and in favour of the assessee
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