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1999 (4) TMI 128 - AT - Income TaxExtract: .......earned Judicial Member s order and held that this is not a fit case where the concealment penalty of Rs. 1 lakh should be sustained under section 271(1)(c) of the Income-tax Act, 1961. The penalty in my opinion is liable to be cancelled. 17. The matter should go back to the Division Bench which has to decide the matter in view of the majority view.
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