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2005 (10) TMI 439 - AT - Income TaxExtract: .......rrender of any amount it is, in the absence of any material to the contrary, be deemed that the explanation of the assessee was bona fide. We hold accordingly. We are, therefore, satisfied that penalty under section 271(1)(c) in this case is not justified and the same is accordingly deleted. 10. In the result, the appeal of the assessee is allowed.
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