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1994 (3) TMI 148 - AT - Income TaxExtract: .......ble income of the assessee. There is no question of treating the addition as concealed income. 16. Thus, in respect of both the items of addition, the penalty under section 271(1)(c) is held to be not exigible. The levy of penalty is, accordingly, cancelled. 17. In the result, the assessee s appeal is allowed, and the Revenue s appeal is dismissed.
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