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2011 (2) TMI 604 - HC - Income TaxPenalty u/s 271(1)(c) - Whether the Tribunal was justified in deleting the penalty levied against the assessee - The gift amounting to Rs. 1,75,000/- said to have been received by the assessee was held to be bogus. Once that is so, the only conclusion is that the assessee had furnished inaccurate particulars of his income and the order of the Tribunal deleting the penalty is unsustainable in law - Held that the assessee had concealed the particulars of income and, thus, penalty was liable to be levied against him under Section 271(1)(c) of the Act. Further, the issue regarding recording of satisfaction for initiation of penalty proceedings in the course of assessment proceedings stands concluded against the assessee in the judgment of this Court reported in Commissioner of Income Tax v. Pearey Lal & Sons (EP) Ltd. (2008 -TMI - 32381 - PUNJAB AND HARYANA HIGH COURT) - Hence, the substantial question of law is answered in favour of the Revenue and the appeal is allowed accordingly.
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