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2004 (8) TMI 73 - HC - Income TaxPenalty – concealment - burden to rebut the presumption of concealment – There was no positive evidence on the basis of which it could be said that the addition of income from the truck sustained in this case was really the income of the assessee. Accordingly, we are of the clear view that in the facts and circumstances of the present case no penalty was imposable on the assessee under section 271(1)(c). Since respondent has not deliberately concealed the income, no penalty under section 271(1)(c) of the Act was imposable.
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