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2016 (6) TMI 109 - HC - Income TaxPenalty under Section 271(1)(c) - contributions for investment by the assessee which were treated as unexplained income - Held that:- Penalty under Section 271(1)(c) of the Income Tax can be levied only in cases where the Assessing Officer, or the Commissioner of Income Tax (Appeals), are satisfied that any person has concealed the particulars of his income, or has furnished inaccurate particulars of such income. The penalty proceedings initiated against the respondent-assessee was on the ground that he had concealed the particulars of his income. Both the Commissioner (Appeals) and the Tribunal have recorded a finding that the assessee had not concealed the income, and the Assessing Officer had merely disbelieved his version. The Tribunal is a final court on fact and, save a perverse finding or a finding based on no evidence, no substantial question of law can be said to have arisen necessitating interference under Section 260-A of the Act. Both the Commissioner of Income Tax (Appeals) and the Tribunal have assigned reasons for arriving at the satisfaction that there was no concealment of income on the part of the assessee and, based on such findings, held that no penalty could be levied on the additions made - Decided against revenue
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