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2010 (3) TMI 852 - AT - Income TaxLevy of penalty under 271(1)(c) - Held:- Penalty can be sustained only when the Assessing Officer brings some positive material on record to show that arrangement made by the assessee is not real but sham. So long as there is no material on record brought in by the AO contradicting or negativing the claim of the assessee, it cannot be said that the assessee has failed to substantiate its explanation particularly when he has furnished documentary evidences. Against revenue.
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