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2013 (4) TMI 423 - UTTARAKHAND HIGH COURTPenalty u/s 271(1)(c) on furnishing inaccurate particulars with regard to income - Also penalty u/s 271A for non-maintenance of books of accounts - Charge interest u/s 234A & 234B - Held that:- In view of the insertion of Sub-Section (1B) inserted in Section 271 w.e.f. 1st April, 1989, having regard to the fact that the Assessing Officer added income and disallowed expenditure and depreciation and, at the same time, observed as regards initiation of penalty proceedings under Clause (c) of Sub-Section (1) the said assessment order, by a fiction of law, is deemed to constitute satisfaction of the Assessing Officer for initiation of penalty proceedings under Clause (c) of Sub-Section (1) of Section 271 and, accordingly, it is now not possible to contend that, since satisfaction was not recorded in the original assessment order, the penalty proceedings are vitiated. Thus accordingly, interfere and set aside the order of the Tribunal and restore the order of the Assessing Authority, as confirmed by the first Appellate Authority.
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