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2016 (2) TMI 272 - HC - Income TaxPenalty notice u/sec. 271(1)(c) - Held that:- Non initiation of proceedings u/sec. 271(1)(c) of the Act or non imposition of penalty u/sec. 271(1)(c) for concealment and furnishing of inaccurate particulars of income as they are independent and separate proceedings. The AO had also found as a finding of fact that it was established on record that the assessee has shown a bogus liability in the books of account and even the AO was able to go into further detail that even bearer cheques were issued which were "self cheques" and the amount was withdrawn by the assessee himself and even subsequent amounts were debited to the account of the creditor on several different dates showing payment to have been made by cash to the said creditor - Dee Jay Steels, New Delhi, all amounts below ₹ 20,000/-. All such findings of fact noticed by all the three authorities being essentially finding of fact, in our view the impugned order of the Tribunal is well reasoned and is not required to be interfered with as no perversity is noticed. We find no substantial question of law involved in the instant appeal.
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