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2006 (11) TMI 132 - HC - Income Tax
Penalty u/s 271 (1) (c) – ‘erroneous claim for deduction’ can’t be equated to ‘concealment of income’ - Since all the transactions had been mentioned by the Assessee in its Return, there is no concealment of income - Section 271(1)(c) is attracted only in those instances where the Assessee has concealed the particulars of his income, or has furnished inaccurate particulars of income – hence penalty u/s 271(1)(c) is not imposable in instant case