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2015 (12) TMI 114 - HC - Income TaxLevy of penalty under section 271(1)(c) - surrender of income - Held that:- Tribunal held that the surrender had been made on account of discrepancies found in the books of account, loose papers, documents etc. maintained by the assessee. The assessee had incorporated the surrendered amount in the profit and loss account but by showing the sale of opening stock at lower price, the income was again reduced to ₹ 48,054/-. The assessee deposited the amount of ₹ 14 lacs in the bank stating that miscellaneous assets were purchased which were later on sold. There was no evidence to show the existence of such assets Since the assessee itself in its letter of surrender admitted that the the amount of ₹ 14 lacs was surrendered to cover up all alleged discrepancies in the books of account, loose papers, documents, stock, byproducts and other record, the Tribunal was right in upholding the levy of penalty on ₹ 14 lacs addition imposed by the Assessing Officer. Learned counsel for the assessee has not been able to point out any error in the approach of the Tribunal warranting interference by this Court. - Decided against assessee.
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