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2012 (10) TMI 94 - JHARKHAND HIGH COURTPenalty u/s 271(1)(C) - re-opening of the assessment - concealment and upward revision of income - ITAT deleted the addition - Held that:- It appears from re-computation of the income that the total income of the assessee has been accepted as per the order passed under Section 143(3)/251 and the income assessed is Rs. 2,51,13,270/-. Out of this income, the addition has been disallowed in view of the explanation furnished by the assessee and which has been accepted by the AO and thus, deletion of Rs. 54,21,878/- resulted into net income at Rs. 1,96,91,390/-. Also the assessee's revised return showing profit to the tune of 27.5% was initially not accepted by the AO and he declared the profit to be 31% and that finding has been set aside in appeal and the assessee's profit has been accepted to be 27.5% as shown in the revised return meaning thereby, the assessee's income to the tune of 27.5% includes the relevant entry of Rs. 50 lakhs which is the amount deposited in the Bank of Tokyo, New Delhi Branch. As in the assessment order there is no finding of the AO that the assessee was guilty of concealing the income which AO could have recorded as provided under Section 271(1), initiation of proceeding under Section 271(1)(C) was not justified - in favour of assessee.
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