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1986 (9) TMI 98 - AT - Income TaxExtract: .......d to collect sufficient material to establish the concealment of income. We, therefore, hold that penalty in this case was not liveable as the factum of concealment had not been proved by cogent evidence. The penalty confirmed by the AAC is knocked off. 8. In the result, the appeal is allowed and in case penalty is paid, the same shall be refunded.
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