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1973 (6) TMI 12 - HC - Income TaxPenalty for concealment - assessee's explanation regarding the discrepancy in stock statement was rejected and the same was treated as his undisclosed income - " Whether, on the facts and in the circumstances of the case, a penalty was legally imposable on the assessee under section 271(1)(c) read with section 274 of the Income-tax Act ? " - held that, on the facts and in the circumstances of this case, a penalty could not be legally imposed on the assessee under section 271(1)(c) of the Act.
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