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1998 (2) TMI 108 - HC - Income TaxExtract: .......wn nil income and was assessed as such. No case of penalty or concealment has been made out under section 271(1)(c). For penalty under section 271(1)(c), the Revenue has to prove that the assessee has knowingly concealed his income. Accordingly, we answer both the questions in the affirmative, i.e, in favour of the assessee and against the Revenue.
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