TMI Blog2013 (1) TMI 630X X X X Extracts X X X X X X X X Extracts X X X X ..... r Vanspati Mills Limited [2008 (2) TMI 285 - PUNJAB AND HARYANA HIGH COURT] that for levy of penalty, there should be conclusive evidence that the assessee has concealed the particulars of income. Thus the tests specified therein are wholly satisfied in the present case. It is proved that the appellant has concealed the particulars of his income by giving inflated losses. Such finding of fact d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... justified in upholding the penalty without appreciating the fact that addition had been made on notional basis by presuming the sale as per rate quoted on the date of sale ignoring the actual sale consideration received by the assessee and paid by the purchaser, which presumption may be valid for making addition but not for penalty ignoring the well settled law that penalty proceedings are differ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hares is a false loss. The finding recorded by the Commissioner of Income Tax stands affirmed by the Tribunal. The learned Tribunal recorded the following findings:- The assessee filed false and spurious explanation by stating that the sale of bulk shares is attributable to the lower rate and consequent loss. Such explanation of the assessee appears not only to be specious but also an example o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is lower than the prevalent price at the stock exchange, the finding recorded by the Tribunal that it is a deliberate loss shown by the appellant is a finding of fact. Such finding cannot be said to be suffering from any illegality or raising any question of law. Learned counsel for the appellant has referred to a judgment of this Court reported as CIT Vs. Sangrur Vanspati Mills Limited 303 ITR ..... X X X X Extracts X X X X X X X X Extracts X X X X
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