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2008 (9) TMI 142 - HC - Income TaxThere is no required format for recording of satisfaction of AO regarding concealment of income - An indication as to the initiation of the penalty proceedings separately in the assessment order is tantamount to an indication as to the satisfaction of the authorities that the assessee has concealed income - Tribunal has erred in deleting the penalty levied u/s 271(1)(c) on ground that mere mention of initiation of penalty proceedings separately did not justify initiation of penalty proceedings
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