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2015 (2) TMI 763 - HC - Income TaxPenalty u/s 271(1) (c) - tribunal upheld penalty for assessment years 1985-86 to 1987-88 - Held that:- No substantial question of law arises for consideration of this Court. The learned Tribunal has set aside the penalties for the assessment years 1982-83, 1983-84 and 1984-85, for the reason that assessed income was based upon estimated household expenses. Since such basis have been taken into consideration for three assessment years, we find that such reason cannot be the basis of setting aside the penalty in the three subsequent years i.e. 1985-86, 1986-87 and 1987-88, as the Tribunal itself has treated the years in question differently. The Tribunal has considered the revised income on the basis of unexplained deficiencies in the shape of Fixed Deposits(FDs), deficiency in stock, expenses incurred in cash and cash received on sale of property etc., therefore, the basis of penalty is not the estimated household expenses but the other reasons as there was difference of ₹ 70,000/- ₹ 26,000/- and ₹ 60,000/- in the assessment years 1985-86, 1986-87 and 1987-88 respectively on account of difference of the revised income and the income assessed. - Decided against assessee.
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