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2014 (1) TMI 138 - KARNATAKA HIGH COURTPenalty u/s 271(1)(c) - Held that:- During the search and survey operation unaccounted income was disclosed and accepted by the assessee - The assessee also failed to furnish the details of depositors - The assessee has no objection for disallowing the interest claim made on these deposits in the computation of income - The explanation offered by the assessee is false - Decided against assessee.
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