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2013 (1) TMI 630 - HC - Income TaxPenalty u/s 271(1) (C)(iii) - appellant has transferred majority of his shares to a firm closely connected at a lower rate - the loss emanating from such deliberately chosen transaction of sale of shares is a false loss - Held that:- As decided in CIT Vs. Sangrur Vanspati Mills Limited [2008 (2) TMI 285 - PUNJAB AND HARYANA HIGH COURT] that for levy of penalty, there should be conclusive evidence that the assessee has concealed the particulars of income. Thus the tests specified therein are wholly satisfied in the present case. It is proved that the appellant has concealed the particulars of his income by giving inflated losses. Such finding of fact does not give rise to any substantial question of law - penalty confirmed - against assessee. Dismissed.
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