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2012 (12) TMI 373 - DELHI HIGH COURTImposition of Penalty u/s 271(1)(c) - furnishing inaccurate particulars of income - understatement of Income on sale of cylinders - Income on sale of cylinders - held that:- in the penalty proceedings,CIT(A) by order dated 30.3.1995 confirmed the imposition of penalty. - The Tribunal deleted the penalty held that:- tripartite agreement made by assessee cannot be considered as valid. persons who make claims of this nature, actuated by a mala-fide intention to evade tax otherwise payable by them would get away without paying tax legally payable by them, if their cases are not picked up for scrutiny. There can be no doubt that the assessee was aware of the true nature of the transaction, despite which the claim for depreciation was made. Its claim was rejected as sham, by this Court – that order has become final. The explanation given by the assessee for the depreciation claim, is neither bona-fide, nor substantiated - cancellation of penalty was unwarranted. The impugned order is accordingly set aside; the order of the AO imposing penalty is restored.
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