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2011 (1) TMI 366 - HC - Income TaxPenalty u/s. 271(1)(c)- Since, the assessee has sufficiently discharged the burden which lay upon it so as to substantiate and prove that the explanation offered by it is bonafide and that all facts relating to the same and material to the computation of its total income had been disclosed by it - In the circumstances, while disagreeing with the view adopted by the Tribunal that the fact that the explanation offered was not substantiated will have to be established by the Income Tax Department or that the revenue is required to controvert that the explanation offered by the assessee is false, having examined the case independently on merits as discussed ,the Court does not find any reason to interfere with the ultimate order passed by the Tribunal - Decided in favour of assessee.
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