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2013 (10) TMI 787 - HC - Income TaxPenalty u/s 271(1)(c) of the Income Tax Act – Held that:- In the instant case, there was no concealment on the part of the assessee as AO has not collected independent material. Bonafide and inadvertent mistake is genuine. In the instant case no attempt to concealment was made as per the ratio laid down in the case of Price Water vs. CIT, JT [2012 (9) TMI 775 - SUPREME COURT] - To this effect, there is concurrent finding of both the appellate authorities and in the absence of any adverse material, no penalty for concealment to be levied – Decided against the Revenue.
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