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1991 (8) TMI 138 - AT - Income TaxExtract: .......vertly and openly. Penalty for concealment of income cannot be levied simply because the assessee s claim was rejected finally. We hold that the learned Commissioner of Income-tax (Appeals) was not justified in levying the penalty that he did. We accordingly delete the penalty levied under section 271(1)(c). 20. In the result, the appeal is allowed
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