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2012 (5) TMI 339 - AT - Income TaxPenalty u/s 271(1)(c) - held that:- He has been regularly assessed to tax and charge of concealment of income has never been raised against him. The retirement benefits were deposited in a different account on which income accrued from month to month. He forgot to include such income as in past no such account was there. Looking to these facts, we are of the view that such omissions may take place by a retired person due to lapse of memory. In such circumstances, the explanation is held to be bona fide. Therefore, the levy of penalty is cancelled.
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