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2013 (10) TMI 166 - HC - Income TaxPenalty u/s 271(1)(c) - Held that:- assessee has not furnished any evidence pertaining to the ticket / vouchers to travel in foreign country. Similarly, no evidence was furnished that what services were rendered by the recipient of the commission. How much business was obtained by incurring such expenses. The interest bearing borrowed funds were given to the wife without any interest for personal purpose - it appears that the assessee makes the claim of the said expenses in the profit and loss account with an intention to reduce the taxable income by concealment of facts. The "concealment" was detected only during the scrutiny. The assessee has given the false statement. On false estimate/statement, the penalty is justifiable as per the ratio laid down in Londu Lal R. P. vs. CIT [2006 (8) TMI 169 - ALLAHABAD High Court] and Shyam Biri Works Pvt. Limited vs. CIT [2002 (12) TMI 75 - ALLAHABAD High Court] - Decided against assessee.
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