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2007 (7) TMI 223 - HC - Income TaxFindings of fact recorded by the Tribunal shows that the assessee has disclosed all detailed particulars about his income which he has received albeit claiming the same to be gift (received through bank) - case does not fall within the mischief of section 271(1) (c) and it cannot be concluded that the assessee has, furnished incorrect particulars - Even otherwise, no evidence with regard to concealment has been placed on record by the Revenue – penalty not sustainable
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