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2006 (1) TMI 91 - HC - Income TaxLevy of penalty under section 271(1)(c) – concealment - authorities were satisfied with the explanation offered by the assessee and that he had shown reasonable cause for not filing the returns within the stipulated period. Therefore, the imposition of penalty in the facts and circumstances of the case was not justified and therefore, the order of the Tribunal to that extent does not call for any interference - Tribunal is right in law in holding that levy of penalty under section 271(1)(c) is unjustified
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