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2011 (8) TMI 15 - HC - Income TaxPenalty - Income escaping assessment - Reassessment - since there was a difference in tax of Rs.1,98,582/- between the original return and return dated May 7, 2007 filed in course of reassessment proceedings, tax on income to the extent of the said amount was concealed warranting invocation of penalty @ 100% and consequently, the appellant was served with a demand notice under Section 156 of the Act - on a plain reading of the aforesaid Section it is clear that for application of Section 271(1) (c) of the Act, all that is necessary is that either there must be concealment of income or inaccurate particulars of such income - If an employee does not disclose the salary of 8 months and shows only the salary of 4 months in a year notwithstanding the fact that he worked as employee for full 12 months, such act definitely comes within the meaning of concealment so as to attract the aforesaid provision - There is also no reason to interfere with the quantum of penalty as only an amount equivalent to 100% of the tax evaded has been imposed where as the maximum amount is 300% - Decided against the assessee
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