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2007 (4) TMI 232 - BOMBAY HIGH COURTPenalty for concealment of income - Admittedly during the course of search no books of account were seized from the assessee. No notice under sections 148 or 139(2) were issued to the assessee - Departmental Representative had admitted before the Tribunal that explanation 3 to Section 271(1)(c) of the Act is not applicable to the facts of the present case- hence Tribunal was justified in holding that there was no concealment of income – penalty not justified
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