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2007 (1) TMI 593 - HC - Income TaxExtract: .......ase, we find that the assessee has not offered any explanation, clause (A) of Explanation 1 was clearly attracted and, therefore, the Tribunal was not justified in deleting the penalty. 7. We, accordingly, answer the question referred to us in the negative, i.e., in favour of the revenue and against the assessee. There will be no order as to costs.
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