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2015 (2) TMI 542 - HC - Income TaxPenalty u/s 271(1)(c) - Tax evasion - application for settlement offering undisclosed income - grant immunity to the petitioner from penalty and prosecution denied - Held that:- This is a case where the assessee has acted bona-fide and has concealed nothing, which evident from the fact that the Settlement Commission has also accepted the income offered by the assessee for settlement. In this view of the matter, we cancel the penalty levied. CIT Vs. Harkaran Das v. Ved Pal [See 2008 (11) TMI 47 - HIGH COURT DELHI] Since in the assessment proceedings, the penalty levied against the petitioner, has been set aside by the Income Tax Appellate Tribunal, continuation of criminal proceedings against the petitioner in relation to the same proceedings, would be nothing but an abuse of process of law.- Decided in favour of assessee.
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