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2015 (9) TMI 1120 - HC - Income TaxPenalty proceedings under section 271(1)(c) - Held that:- Section 271(1)(c) is attracted in a case where the Assessing Officer is satisfied that any person has concealed the particulars of his income or has furnished incorrect particulars of such income. Once the Assessing Officer has arrived at such a satisfaction, he is entitled to levy, in addition to the tax payable, by way of penalty, the amount indicated in 271 (1)(iii). In addition to this, as provided in the explanation, if the person concerned is not able to substantiate the explanation and fails to prove the bona fides of the explanation and all facts relating to the same and material to the computation of his total income, the amount added or disallowed shall be deemed to be his income. The assessee had also claimed deduction of ₹ 1,84,39,383/-. The Assessing Officer allowed only ₹ 68,02,297/-. The Commissioner (Appeals), after verification of some of the documents produced by the assessee, allowed the claim except to the extent of ₹ 34.65 lakhs. This finding also has become final. Therefore, in view of the aforesaid findings against the assessee, this is a case where clause (c) of section 271(1) providing concealment of the particulars of income or furnishing of inaccurate particulars of such income is attracted. This clearly is a case to which section 271(1)(c) is attracted and the levy of penalty cannot be interfered with. Unable to accept the case of the appellant that the Tribunal committed an illegality in restoring the order of the Assessing Officer. - Decided against assessee.
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