2009 (2) TMI 81

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....aw was formulated by this Court: "Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in deleting the penalty of Rs.4,00,000/- levied under sec. 271(1)(c) of Act and in doing so did not correctly interpret sub-sec. (4A)?" The Assessment Year in question is 1988-1989. The only controversy is, whether penalty under Section 271(1)(c) of the....