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1999 (9) TMI 133 - AT - Income TaxExtract: .......s law that any explanation by the assessee must be accepted. We, therefore, confirm the order of the CIT (Appeals) insofar as concealment of income of Rs. 1,02,000. The Assessing Officer is therefore directed to re-calculate the penalty leviable with reference to the concealed income of Rs. 1,02,000. 17. In the result, the appeal is partly allowed.
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