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2004 (8) TMI 17 - HC - Income TaxPenalty under section 271(1)(c) - It was a case where the Assessing Officer accepted the explanation offered by the assessee and did not impose any penalty whereas it confined only in respect of some items. The assessee had surrendered the items and paid the tax on the said items. The authorities, therefore, came to a conclusion that in such case no concealment of income as such arises within the meaning of section 271(1)(c) of the Act and hence, the question of penalty in such cases may not arise
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