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2018 (1) TMI 454 - HC - Income TaxPenalty u/s 271(1)(c) - books of accounts of the assessee were rejected - assessee made the surrender in survey operation - Held that:- In the present case, the assessing officer has not given any reason as to how he reached the conclusion that "the assessee has concealed it's income and furnished inaccurate particulars of it's income". Merely because, the books of account had been rejected it did not in itself establish or prove either of the two circumstance to levy penalty, leave alone both circumstances as the penalty order suggests. The assessing officer, was obliged to reason and state in the penalty order how according to him the assessee had either concealed the particulars of his income or had furnished inaccurate particulars of the same either with reference to the material discovered during the survey proceedings or otherwise. In view of the peculiar facts of this case where the assessing officer had not given any cogent reason in support of conclusion drawn by him to impose penalty, the Tribunal has correctly deleted the penalty relying on the earlier division bench judgement of this Court that rejection of books of account did not automatically lead to the conclusion of concealment or submission of inaccurate particulars of income. - Decided in favour of assessee
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