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2005 (9) TMI 78 - HC - Income TaxPenalty – Concealment of Income – Tribunal cancelled the penalty on the ground that assessed income is loss and there was no concealment on the part of assessee - Tribunal has found on facts that no penalty is leviable merely on the basis of estimated addition relating to cost of construction and profits in respect of business receipts. Similarly, even with regard to disallowance of investment allowance in relation to the hotel building, the Tribunal has found that no penalty for concealment is leviable – HC uphold the order of tribunal – penalty is not leviable.
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