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2014 (1) TMI 1121 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- During the course of survey excess stock was found - The assessee had disclosed the material facts before the AO - When the assessee has made a particular claim in the return of income and has also furnished all the material facts relevant thereto, the disallowance of such claim cannot automatically lead to the conclusion that there was concealment of particulars of his income by the assessee or furnishing inaccurate particulars thereof - Penalty for concealment cannot be levied - Decided in favour of assessee.
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