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2010 (4) TMI 734 - ITAT AGRAPenalty - It shall be worthwhile to note here that “mens rea” is an essential ingredient of concealment and the AO has nowhere proved the required “mens rea” i.e. the guilty mind of the appellant during the course of penalty proceedings - The learned AR has also contended that in the assessment order passed u/s 147/143(3) dated 18.09.2006, the AO has not initiated penalty proceedings u/s 271(1)(c) - The penalty proceedings and the assessment proceedings, both are different - This deeming provision is not absolute one but is rebut table one - Since the A.O. has not brought out any specific charge whether the penalty has been imposed on the concealment of income or for furnishing of inaccurate particulars of income - There can be no dispute that everything would depend upon the return filed by the assessee, because that is the only document where the assessee can furnish the particulars of his income - In the result, both the appeals filed by the Revenue stand dismissed
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