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2006 (10) TMI 181 - AT - Income TaxExtract: ....... made from M/s A.R. Traders, penalty under s. 271(1)(c) was justified in the absence of any satisfactory explanation by the assessee in regard to the finding of the AO and, therefore, the CIT(A) was not right in law in deleting the penalty. The penalty of Rs. 4,22,772 is accordingly restored. 18. In the result, the appeal of the Revenue is allowed.
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