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2005 (2) TMI 86 - HC - Income TaxPenalty under section 271(1)(c) – unexplained cash - In none of the statements assessee had disclosed the names of the depositors from whom he had received the cash except a bare statement that the amount has been given by his friends and relatives. - Tribunal had considered the material and evidence on record and rightly concluded that the cash received by the applicant remained unexplained – penalty is sustainable
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