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2014 (1) TMI 856 - AT - Income TaxPenalty levied u/s 271(1)(c) of the Act – Held that:- The addition u/s 68 of the Act was made by the Assessing Officer when the assessee himself offered to include the amount in his total income and consented to pay the tax - Another addition of Rs. 1 lakh was also made when the assessee voluntarily preferred to include Rs.1 lakh to his total income – The decision in National Textile vs Commissioner of Income Tax [2000 (10) TMI 19 - GUJARAT High Court] followed - The assessee consented to pay tax to avoid further litigation and to buy mental peace and instead of offering further explanation, the assessee voluntarily surrendered before the tax authorities and paid the tax imposed by the Assessing Officer in regard to the addition - In absence of further appeal to the Commissioner of Income Tax(A) or to the Tribunal, the quantum assessment order has reached to its finality but the assessment order is not conclusive evidence that the amount assessed was in fact the income of the assessee and it cannot be presumed that there was a conscious concealment or act of furnishing of inaccurate particulars by the assessee – Decided in favour of Assessee.
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