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2008 (3) TMI 41 - HC - Income TaxAO framed the assessment after making addition on account of uncorroborated freight charges – assessee surrendered Rs.12,12,880/- subject to no penal action. He surrendered just to buy peace of mind to avoid further litigation - while making the assessment AO rejected the request of the surrender made by the respondent and initiated penalty proceedings on this account - held that penalty cannot be imposed merely on account of higher income having been subsequently declared.
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