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2008 (1) TMI 267 - KERALA HIGH COURTPenalty u/s 271 - assessee derived income from chitty business & showed credit balance in balance-sheet in respect of kuries terminated during 1977 to 1983 – AO opined that amount of auction discounts forgone by defaulter subscribers was income of assessee – assessee failed to offer any explanation – assessee was aware that impugned amount didn’t represent liability – burden is not on department to prove concealment - penalty is justified for concealment of income
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