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2016 (9) TMI 332 - HC - Income TaxPenalty u/s 271(1)(c) - Held that:- The assessee did not disclose the details of the creditors nor their list but merely claimed them in the return. Upon the assessment being picked up in scrutiny for further enquiry, the assessee came out with the details and surrendered the income for taxation. In the circumstances, we are of the opinion that there is no infirmity with the order of the ITAT. The question of law is answered against the assessee/appellant and in favour of the revenue.
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