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1972 (12) TMI 16 - HC - Income TaxDelay in filing the return under the old act - discretion to reduce the penalty fixed by the new act - " Whether, on the facts and in the circumstances of the case, the Tribunal was in law competent to reduce the penalty levied under section 271(1)(a) to a figure lower than the sum equal to 2% of the tax for every month during which the deault continued but not exceeding in the aggregate 50% of the tax ? " - question referred to us should be answered in the negative, in favour of the revenue and against the assessee.
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