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2015 (3) TMI 500 - HC - Income TaxPenalty u/ s. 271(1)(c) - concealed income being the peak credits in the bank account of the assessee and his family members - ITAT deleted levy - Held that:- As per the order of the CIT (Appeals), the assessee has given justification for showing additional income in the subsequent return vide letter dated 02.10.2006. Had the letter not inwarded and it was mere say coupled with the aspect that no such letter was available as per AO in the file, matter may be different but when the letter was already inwarded, whether it was sent to the AO by the concerned office would not impair the aspect of bonafide or the aspect of voluntary disclosure of taxable income. The aspect of bonafide or nonconcealment of the income is essentially a question of fact. When the first appellate authority and the second appellate authority, viz., Tribunal which is the ultimate fact finding authority after the consideration of the evidence has found that there was no concealment of the income, further scrutiny by way of reappreciation of evidence in the appeal before this Court would be beyond the scope of the present appeal. - No interference is called for to the impugned order of the Tribunal. - Decided in favour of assessee.
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