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1980 (1) TMI 83 - HC - Income Tax
Extract:
....... that the assessee had not concealed the profits on the sale of imported sets of cycle parts so as to attract penalty under s. 271(1)(c) of the Act. We, therefore, return the answer to the question in the negative, that is, in favour of the department. Since the assessee has not appeared to contest the reference, there will be no order as to costs.