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2002 (11) TMI 42 - HC - Income Tax"Whether, in the light of the Explanation 1 to section 271(1)(c), the Tribunal is right in law and fact in cancelling the penalty levied on the assessee?" - The two appellate authorities without adverting to the provisions of clause (B) of Explanation 1 to section 271(1) had observed that the Assessing Officer has not established that the assessee had concealed the particulars of the income or had furnished inaccurate particulars of its income. This is wrong. The assessee has to substantiate the explanation offered and the Assessing Officer has to enter a finding. In these circumstances, we are of the view that the Assessing Officer must be directed to consider the question of imposition of penalty afresh and in accordance with law
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