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2015 (8) TMI 1564 - HC - Income TaxPenalty u/s 271(1)(c) - Appeal is admitted on the following substantial questions of law: Whether on a correct interpretation of the provisions of section 271(1)(c) of the Income Tax Act, 1961 read with the Explanation 1 appearing thereunder, the Tribunal misdirected itself in law and adopted a wholly erroneous approach in upholding the levy of penalty in the instant case, on the alleged ground that the Appellant Foundation had concealed its income and/or furnished inaccurate particulars of its income in respect of the assessment year 2011-12 ? Whether the Order passed by the Tribunal upholding the levy of penalty in the instant case of the Appellant Foundation in respect of the assessment year 2011-12 is wholly erroneous in law, against the facts and evidences on record, wholly baseless, unreasonable and/or otherwise perverse? The application disposed of. Let informal Paper Books be prepared and filed in the department and also be served on the respondent/revenue within 8 weeks from date along with the gist of this order.
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