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2008 (2) TMI 174 - HC - Income TaxPenalty u/s 271(1)(c) – inaccurate particular of income – concealment of income - held that unless the filing of an inaccurate return is accompanied by a guilty mind, penalty cannot be imposed - held that return cannot be “false” unless there is an element of deliberateness in it – return can’t be treated as false if assessee does not include a particular item in the taxable turnover under bona fide belief that particular item is not taxable – penalty set aside - revenue appeal dismissed
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