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2007 (9) TMI 259 - HC - Income TaxLevy of penalty u/s 271(1)(c) - Revenue submits that the assessment order indicates the satisfaction of the AO regarding the concealment of income or furnishing inaccurate particulars by the assessee - recording by the AO in the last part of the assessment order satisfies the requirement of the law - AO has also made a note of the failure on the part of the assessee to explain the source of credits in her bank account, and that she adduced no evidence to support the genuine-ness of such credits – revenue appeal allowed
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