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2011 (3) TMI 602 - HC - Income TaxPenalty imposed u/s 271(1)(c) - Concealed income - The assessee is a Coaching Centre - During the course of survey, the assessee surrendered additional income and also filed revised return accordingly - The Assessing Officer accepted the revised return made by the assessee but also initiated penalty proceedingsThe surrender made by the assessee, a revised return was filed and which has been accepted as it is without making any alteration therein nor there was any adverse observation in the assessment order with regard to any discrepancies to correlate the same with the amount of surrender. - Held that:- The Tribunal has recorded a categoric finding that there was no material to infer concealment of income or furnishing of inaccurate particulars - The contention that in every case where surrender is made inference of concealment of income must be drawn under Section 58 of the Evidence Act cannot be accepted - the case is not a fit case for levy of penalty.
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