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2006 (5) TMI 495 - HIGH COURT OF PUNJAB & HARYANA
Penalties imposed u/s 271(1)(c) - Revised return filed voluntarily and the surrender the concealed income being made at the initiation of the enquiry before the detection of any undisclosed income - Penalty can be escaped merely on the ground surrendered the concealed income amount? - HELD THAT:- It is not possible to hold that in every case, mere surrender of income will foreclose any action for concealment of income. Judgments of the Hon'ble Supreme Court in Sir Shadi Lal [1987 (7) TMI 3 - SUPREME COURT] and CIT vs. Suresh Chandra Mittal [2001 (6) TMI 63 - SC ORDER] have rightly been distinguished by the Tribunal. Findings recorded by the Tribunal cannot be held to be perverse in any manner, the same being based on relevant material. The assessees have been held to be members of the same family and it has also been found that revised returns were filed on coming to know about detection of concealment.
Accordingly, no substantial question of law arises - The appeals are dismissed.