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1976 (4) TMI 104 - AT - Income TaxExtract: ....... cash credit was on 1st April, 1970 and if at all, it has to be treated as the income of the assessee, it was only in respect of asst. yr. 1971-72. Since this cannot be treated as the concealed income of the assessee for 1970-71, the levy of penalty cannot be supported. Hence, the appeal is allowed and the levy of penalty of Rs. 7,929 is cancelled.
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