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2012 (6) TMI 438 - PUNJAB AND HARYANA HIGH COURTPenalties u/s 271(1)(c) - held that:- there was no mens rea for concealment of income which had formed the basis for making additions to the income of the assessee. The assessee had disclosed the G. P. rate of 22 per cent. in the revised return and on that basis the intentional concealment could not be held. Further, the Assessing Officer had not found any sales or purchases outside the books of account and if there had been any intention in the mind of the assessee, the latter would have erased those cuttings. - no penalty - decided in favor of assessee.
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