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2010 (5) TMI 576 - ALLAHABAD HIGH COURT
Penalty u/s 271(1)(c) - Scrutiny - Undisclosed income - While moving application for voluntary disclosure, the assessee must disclose the correct facts, instead of making a ground on false pretext - There has been no trans- action of share of Sri Niwas Leasing and Finance Ltd. in the Delhi Stock Exchange during the period in question. There has been no sale and pur- chase of shares by M/s. S. J. Capital Ltd. between May 15, 2003 and May 21, 2003. Thus, the assessee had not approached the Assessing Officer with the clean hand - The manner in which the assessee has tried to prolong the case before the Assessing Officer by not providing information immediately and narrating incorrect facts in the letter dated December 6, 2006 shows that the assessee has deliberately concealed the income and disclosure was not voluntary but under compulsion being cornered by the Assessing Officer - Held that: disclosure by the assessee does not seem to be voluntary and bonafide but under compulsion. The assessee has not furnished correct information while moving the letter dated December 6, 2006 with unclean hand - Decided against the assessee