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2006 (7) TMI 126 - HC - Income TaxPenalty - Undisclosed income - penalty proceedings were initiated against the assessee for the violation of the provisions of section 269SS, which provides that loans or deposits in excess of Rs. 20,000 should not be received in cash. - Revenue could not, on the one hand, contend that the amount of Rs. 3 lakhs is undisclosed income in the hands of the assessee and at the same time seek to initiate proceedings against the assessee for violation of the provisions of section 269SS - Revenue, having taken the stand that the income was undisclosed income in the hands of the assessee, it could not resort to proceedings under section 269SS read with section 271D - we agree with learned counsel for the assessee that since the block assessment could not be sustained, penal action may be permissible (if at all) only after a regular assessment is made
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