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2008 (2) TMI 360 - HIGH COURT ALLAHABADPenalty u/s 271(1)(c) - explanation of assessee was not found to be false & therefore, it was not a case covered by Explanation I(A) of Section 271(1) of the Act as it stood in 1977-78 - Revenue could not show as to what relevant material was not disclosed by the assessee which it ought to have disclosed and how and in what manner it could say that the explanation offered by the assessee was not bona fide – therefore, tribunal was justified in holding that no penalty u/s 271(1)(c) was leviable
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