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2011 (6) TMI 56 - HC - Income TaxPenalty - Search - Seizure of bank deposits and jewellery - Undisclosed income - The assessee filed the revised return in respect of the first two assessment years and filed the return for the first time for the last of the assessment year only after search in the Managing Partner's residence, wherein undisclosed cash and investments were found - The conduct of the assessee, hence, assumes significance in coming forward to disclose the income of the firm, which are relatable to the investments made by the Managing Partner - The fact that the assessee had not disclosed any reason for the omission in the original return and that the revised return was filed only after the search, this Court held that penalty was leviable -do not find any justification to cancel the penalty levied by the Assessing Officer, which is admittedly a minimum penalty - Decided against of assessee.
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