1989 (9) TMI 24

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....late Tribunal that penalty had been imposed upon the assessee in the sum of Rs. 35,000 by the customs authorities on the ground that he had under-invoiced certain imports and thereby imported more goods than were authorised by the import licence. The assessee went in appeal and the penalty amount was reduced to Rs. 15,000. The assessee claimed before the Income-tax Officer an allowance in the said....