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2005 (1) TMI 21 - HC - Income Tax"1. Whether Tribunal was justified in holding that the penalty notice issued to the assessee was proper and the penalty proceedings initiated thereon were legal and no blanket proceedings were initiated against the assessee? 2. Whether Tribunal was justified in holding that the legal requirement of satisfaction is of only the prima facie satisfaction of the Assessing Officer, in respect of concealment of income or furnishing inaccurate particulars of income before issuing notice under section 271(1)(c)?" - it is not a case of technical breach or what one may call venial breach on the part of the assessee in not disclosing his true income. All the suppression or/and disclosure as taken note of supra and which were made the basis, were very much within the knowledge of the assessee-it being a professional led company managed by chartered accountants. In other words, the intention to suppress or/and take the benefit of incorrect disclosure seems apparent thereby attracting the rigour of section 271(1)(c) ibid. We answer both the questions against the assessee and in favour of the Revenue
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