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2012 (12) TMI 981 - HC - Income TaxPenalty u/s 271(1) (c) - Income revised in revised return filed after survey - Held that:- We are however of the opinion that in the impugned judgment of CIT v. Manu Engg. Works [1978 (9) TMI 18 - GUJARAT High Court ] , the Tribunal has committed no legal error. It was not a case where the assessee had discovered some inadvertent omission or an unintended wrong statement which had crept up in the return filed. It was found that the assessee was even at the time of filing of return aware of the falsity of the statement and incorrectness of particulars of income. We are of the opinion that the Tribunal committed no error in confirming the penalty imposed by the Assessing Officer and confirmed by the CIT(appeals). Even if the assessee had made any further declarations in the revised return, we cannot lose sight of the fact that such return was filed only after the survey was carried out by the Revenue and further that such revised return was rejected as non-est. It is not necessary for us to go into this aspect any further since we find that the Assessing Officer had come to a definite finding that the penalty was required to be imposed since the assessee had concealed the particulars of income. We therefore, need not disturb the Tribunal's ultimate conclusion merely for the fact that the Tribunal rejected the assessee's contention may be on some erroneous premise when we find that such contention even other-wise was not required to be accepted in law. - Decided against the assessee.
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