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2006 (9) TMI 169 - HC - Income TaxConcealment of stock - Tribunal observed that it was not on account of concealment of closing stock but there was an omission of not accounting of certain stocks – omission could not give rise to any punishment for concealment, hence penalty are cancelled - revenue imposed penalty by invoking explanation to section 271 – held that explanation is part of the main provision, and no express invocation of explanation to Section 271 was required to impose penalty
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