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2004 (11) TMI 69 - HC - Income TaxLevy of penalty u/s 271(1)(c) - We find that the returned income was less than 80 per cent, of the assessed income as finally determined by the Tribunal. To the show-cause notice issued, for the reason best known, the applicant did not submit any reply. The Explanation to section 271(1)(c) of the Act was applicable and, therefore, the inference that the applicant had concealed the particulars of his income has rightly been drawn. In this view of the matter, the Tribunal has not committed any illegality in upholding the imposition of penalty.
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