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1973 (8) TMI 32 - HC - Income TaxLevy of penalty under section 28(1)(c) of the Indian Income-tax Act, 1922 - explanation regarding cash credits in the accounts was rejected and the amounts were assessed as assessee's income - Whether, on the facts and circumstances of the case, the Appellate Tribunal was correct in holding that the provisions of section 28(1)(c) of the Indian Income-tax Act, 1922, applied to the applicant - Our answer to the question referred is in the negative, that is, in favour of the assessee and against the revenue
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