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2002 (10) TMI 221 - AT - Income TaxExtract: ....... difference in closing stock. 17. Looking to the above facts, in our opinion, a clear case for levy the penalty is made out by the Revenue Authorities. No case has been made out by the assessee for deleting the same. We accordingly uphold the levy of penalty under section 271(1)(c) of the Act. 18. In the result, appeal of the assessee is dismissed.
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