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1979 (5) TMI 92 - ITAT MADRAS-BExtract: .......nder such circumstances, it is preposterous to say that assessee cancelled the income of capital gains or furnished inaccurate particulars thereof. The IAC was wrong in levying the penalty. There is absolutely no concealment in this case. There is no shred of evidence for concealment. 5. Appeal allowed. Penalty imposed for concealment is cancelled.
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