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1986 (7) TMI 70 - MADHYA PRADESH HIGH COURTExtract: .......e that there was concealment of income by the assessee. The Tribunal, in our opinion, was justified in holding that the levy of penalty was valid. Our answer to the two questions referred to this court are, therefore, in the affirmative and against the assessee. In the circumstances of the case, parties shall bear their own costs of this reference.
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