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1992 (7) TMI 104 - ITAT AHMEDABAD-CExtract: .......be said that there was an act of concealment on the part of the assessee which would attract penal provisions under s. 18(1)(c) of the Act. The explanation given by the assessee was satisfactory and as such no penalty ought to have been levied. We, accordingly, cancel the penalties imposed by the WTO for both the years. 16. The appeals are allowed.
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