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2009 (9) TMI 559 - HC - Income TaxPenalty- Search operation was carried out. During the search debentures and units valued at Rs. 82,00,000 cash of Rs. 7,25,000, ornaments and jewellaries valued at Rs. 11,34,280 and silver utensils valued at Rs. 2,70,000 were seized. Order was passed under section 132(5). Penalty and interest were levied. Commissioner passed the order by rejecting the application for waiver of penalty and interest. A writ petition was filed against the order. According to the petitioner, the disclosure was made on the clear understanding from the authorities that there would be no penal liability and penal interest if any would be waived. On the basis of such assurance by the authorities and with a view to avoid litigation and to buy peace of mind, the offer was made a much higher figure. The noting in the diary could not have been deciphered by anyone except one or two person from the J group. Held that- no documentary evidence by way of balance sheet or any other material was produced to show that the petitioners were not in position to pay the penalty. Thus rejection of application by commissioner was justified.
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