2002 (10) TMI 71

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....Revenue is: "Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law in cancelling the penalty levied under section 271(1)(c) of the Income-tax Act, 1961?" The assessment year is 1982-83. The Assessing Officer levied penalty on the ground that the assessees had concealed their income inasmuch as a raid carried out in the assesses' premises had resulted in subs....