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2014 (8) TMI 354 - HC - Income TaxPenalty proceedings against firm and partners u/s 271(1)(c) – Income derived from the firm or not – Held that:- Penalty proceedings cannot be taken both in the hands of the partners as well as in the hands of the firm – any tax imposed upon a firm is in fact a tax upon the partners - penalty is nothing but an additional tax and consequently, a person cannot be punished more than once in respect of the same offence – CIT(A) was justified in cancelling the penalty imposed upon the assessee, who was subjected to penalty in the status of an individual - the assessee has not concealed the income on FDRs - the amounts invested in the Fixed Deposit Receipts belongs to the firm and the income also belong to the firm – FDRs were made from the current income of the firm and that the suppressed income was of the firm, which has been remitted and interest has been paid by the firm – there appears no justification for penalty on concealment does not appear in the hands of the assessee – Decided against Revenue.
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