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2016 (7) TMI 1049 - ITAT DELHIPenalty u/s 271(l)(c) - undisclosed cash deposits - assessee argued that as sufficient surrender has been made by the assessee suo motu, the penalty proceedings initiated against him should be quashed - Held that:- The surrender of income in case of the assessee was not voluntary as the offer of surrender was made in lieu of CIB information made available by the Assessing Officer during the assessment proceedings. It is noted that the assessee himself has contradicted his own submissions from the relevant pages relied upon by the Ld. D.R. filed in the compilation. The assessee has not maintained the books of accounts and considered all the transactions as required by the statute. That the assessee surrendered the income as he could not prove the transactions and its cash deposits. Had the intention of the assessee to make full and true disclosure of its income, it would have filed the return declaring the income including omission later during the course of assessment proceedings. Consequently, it is clear that the assessee had no intention to declare its true income. The Assessing Officer has categorically recorded the findings that he was satisfied that the assessee had concealed the true particulars of income and is liable for penalty proceedings u/s 271 read with Section 274 of the Act. Thus no illegality in the department’s initiation of penalty proceedings in the instant case. We, therefore fully agree with the view taken by Ld. CIT(A) and uphold his decision. - Decided against assessee
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