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2014 (1) TMI 1749 - SCH - Income TaxPenalty u/s 271 (l)(c)- Concealment of income - Assessee filed return of income declaring loss Return was selected in scrutiny on account of share application money received - CIT(A) deleted penalty imposed by AO - High Court affirmed deletion of penalty - Held That:- addition was made on account of amount surrendered by assessee - No other information was available with revenue-Cannot be said there was concealment of income-Revenues' appeal dismissed. Special leave petition is dismissed. - Decided in favour of assessee.
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