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2019 (4) TMI 296 - HC - Income TaxPenalty u/s 271(1)(c) - assessee agreed to the addition of cash credits - assessee offered for taxation genuine loans to avoid protracted litigation - money in question remitted by the son and daughter of the said senior partner Mr.Jaganathan - tribunal reduced penalty from 200% to 100% - substantial question of law - HELD THAT:- The matter of explanation furnished by the assessee firm, being accepted by the learned Tribunal or not, is a fact finding exercise and unless the findings of the Tribunal can be held to be perverse, in our opinion, no substantial question of law arises. We do not find any such perversity in the order passed by the learned Tribunal. Tribunal has already reduced the penalty to the minimum level of 100% of tax on such concealed income. It cannot be said that merely because the assessee has agreed to a particular addition to be made in his declared income, the penalty under Section 271(1)(c) of the Act cannot be imposed nor there is any merit in the proposition that since the penalty was not imposed for the cash entry in the name of daughter for which also the assessee agreed for the said addition, no such penalty could be imposed for the credit in the name of the son Mr.Anandha Kumar Jagannathan and in the name of the third party Mr.Rueban Robert Ponnia. No substantial question of law arising in the present appeal filed by the assessee.
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