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2009 (8) TMI 69 - HC - Income TaxPenalty u/s 271(1)(c) – recording of satisfaction – while deleting the penalty ITAT held that investigations in the case of another company cannot be used to implicate the assessee without independent investigation in its own case and hence, we cancel the penalty sustained by the CIT (Appeals) – Held that - the assessee had declared bogus agricultural income - . Inquiries had revealed that the assessee had not sold any agricultural produce - assessee had procured bogus bills to show sale of the agricultural produce - Cat was out of box on the culmination of inquiry and report dated 9/16.5.1995. It is only thereafter that the revised return was filed on 8.3.1996 - It is, thus, a clear case of giving inaccurate and false particulars and concealing the income. The ingredients of this provision stand fully satisfied – ITAT order set aside – penalty restored.
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