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2010 (3) TMI 416 - HC - Income TaxPenalty-Concealment of Income- The assessee was a director and shareholder of the company and also partner in a firm. The firm had advanced a loan to a company in the amount of Rs. 3.45 crores, against which the company had advanced a sum of Rs. 1.31 crore to the assessee. The Assessing officer made an addition on account of deemed dividend and impose penalty. The Commissioner (Appeals) delete the penalty on the ground that the assessee had acted on bonafide belief that all the loans and advances obtained from the company were disclosed in the return of income and that the assessee had already been subjected to the demand of tax as well as interest. The Tribunal upheld the order of Commissioner (Appeals). Held that- all the circumstances relied upon in the order of the Assessing Officer in the first instance and in appeal by the appellate authority, ought to have been but had not been evaluated by the Tribunal. Hence the matter remanded for fresh decision.
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