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2005 (4) TMI 14 - HC - Income TaxLaw Applicable - "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally justified in confirming the decision of the Deputy Commissioner (Appeals) deleting the penalties of Rs. 9,800 each in the assessment years 1982-83 and 1983-84 imposed under section 271(1)(b) of the Income-tax Act, 1961?" - It is well settled that penalty provisions are to be strictly construed and if under the aforesaid provision, there is no levy of penalty or the quantum cannot be ascertained no penalty under law can be imposed. Accordingly, we answer the question referred to us in the affirmative, i.e., in favour of the assessee and against the Revenue
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