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2006 (3) TMI 129 - HC - Income TaxPenalty levied u/s 271(1)(c) - Absence Of Mens rea - HELD THAT:- In our view, discretion so exercised by CIT(A) and later by the Tribunal in accepting the explanation offered by assessee being judicious does not call for any interference. It is noticed from the record of the case that it is a case of surrender of income by the assessee and full amount of tax has been paid. The Tribunal has given reasons for accepting the factual version of the assessee.Thus, we do not consider it to be a case for holding that it attracts the Explanation appended to s. 271(1)(c) ibid for levying the penalty. Accordingly, the appeal fails and is dismissed.
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