1994 (4) TMI 42

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...., on the facts and in the circumstances of the case, the Tribunal was justified in cancelling the penalty of Rs. 4,53,990 levied under section 271(1)(c) ? " The reference application under section 256(1) of the Income-tax Act, 1961, was dismissed on the ground that the additions which were made by the Income-tax Officer were finally deleted by the Income-tax Officer and the order of the Income-ta....