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2008 (7) TMI 111 - HIGH COURT PUNJAB AND HARYANAAssessee has received interest on FDRs, which was not included in the original return filed in response to notice u/s 148 – AO initiating the penalty proceedings u/s 271(1)(c ) - Tribunal has found that penalty proceedings were initiated by the AO without recording the satisfaction that the assessee has concealed the income - Tribunal has also found that penalty is not imposable if there is no conscious breach of law - questions of law as raised by the revenue do not arise
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