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2007 (9) TMI 255 - HC - Income TaxPenalty levied u/s 271 (1)(c) - assessment order indicates no satisfaction by the Assessing Officer that the penalty proceedings should be initiated against the Assessee – moreover, revenue had been unable to demonstrate that the Assessee had concealed any income or furnished inaccurate particulars of income – therefore, no penalty can be levied – penalty proceedings not sustainable
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