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2006 (7) TMI 118 - HC - Income TaxRevised return filed to claim that capital gain shown earlier was exempt from tax being land was agricultural – AO didn’t accept the withdrawal of capital gain – When the matter was taken up by AO on remand by Tribunal, the assessee admitted that land was not agricultural land & surrendered its claim by not pressing the matter any further & paying the tax which was due – there was no concealment of income nor was there any attempt to hide any material facts – penalty u/s 271(1)(c) not justified
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