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2011 (9) TMI 370 - AT - Income TaxPenalty - unexplained investment in stock - No particulars of excess sock were disclosed in the original return of income as well as in the return filed u/s 148 of the IT Act disclosing additional income - it is admitted fact that excess stock was found during the survey it was also admitted by the assessee and also admitted to pay tax thereon, the assessee deliberately prepared the trading account in such a way to nullify the effect of excess stock found during the course of survey. The conduct of the assessee noted above clearly speaks against the assessee and points to only one point that the assessee has concealed the income. - Explanation (1) to section 271(1)(c) of the IT Act applicable to the case of the assessee - Appeal of the assessee has no merit and accordingly dismissed.
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