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1973 (8) TMI 14 - HC - Income TaxFinding of concealment is set aside in appeal and there is no finding that income returned was less than eighty per cent. of assessed income - "Whether, on the facts and circumstances of the case, the levy of penalty of Rs. 2,800 is justified ?" – held that penalty could not be levied merely on the concession of the assessee unless the facts warrant levy of such penalty - Question answered in the negative
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