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2022 (2) TMI 926 - HC - Income TaxPenalty levied u/s 271 (1) (c) - rebates claimed by the appellants /assesses for the assessment years in question, were clearly the profits diverted by the fictitious claims and hence, the same were disallowed - HELD THAT:- Assesses had concealed income, which was accepted after detection and the assessment was completed as per the terms of the settlement, which stipulated minimum penalty under section 271(1)(c). Based on the same, the assessing officer initiated the penalty proceedings by issuing show cause notices, to which, the appellants/assesses did not file any reply to substantiate their stand that there was no concealment of income. Therefore, the assessing officer imposed penalties on the appellants, which were also confirmed by the appellate authorities As the appellants had disclosed the income, after detection by the department and as per the terms of settlement, the assessing officer initiated the penalty proceedings, to which, the appellants / assesses did not submit any explanation to the effect that there was no concealment of income or furnishing of inaccurate particulars of such income, which culminated in imposition of penalties under section 271(1)(c), we do not find any infirmity or illegality in initiating the penalty proceedings and the consequential orders passed by the assessing officer as confirmed by the appellate authorities. - Decided against assessee.
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