1985 (10) TMI 29

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.... we are asked to consider in this reference under section 256(1) of the Income-tax Act, 1961, at the instance of the assessee reads thus : "Whether, on the facts and in the circumstances of the case, and in view of the combined reading of the provisions of section 271(1)(a) and section 271(2) of the Income-tax Act, 1961, the Tribunal was justified in cancelling the penalty ? " Counsel are ag....