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1976 (4) TMI 100 - ITAT MADRAS-AExtract: .......e assessee. Considering all the circumstances, we are of the opinion that on the facts of this case, the assessee has offered a probable explanation and that no case has been made out by the Revenue to show that there was income with was concealed. Accordingly, we hold that no penalty is leviable. The appeal is allowed and the penalty is cancelled.
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