1988 (9) TMI 43

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..... s and in the circumstances of the case, the Tribunal was justified legally in holding that no penalty under section 271(1)(a) of the Income-tax Act, 1961, is leviable in the case of the assessee, a registered firm, because it had no tax liability in terms of the Explanation to section 271(1)(a) and that the provisions of section 271(2) did not govern the field in this case ? " The relevant asses .....

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