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2015 (9) TMI 1395 - CALCUTTA HIGH COURT

2015 (9) TMI 1395 - CALCUTTA HIGH COURT - TMI - Penalty under section 271(1)(c) - whether amounts disclosing after search, which was not previously offered to tax is not a concealment on the part of the respondent/assessee ? - Held that:- The manner in which the income was derived has also been disclosed and the assessee has thereafter paid the tax and the applicable interest, thus all the requirements of the clause were met by the assessee and, therefore, the correct view of the matter in allow .....

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, 1961 for the assessment years 2003-04 to 2006-07 was admitted on the following substantial questions of law: (a) WHETHER on the facts and in the circumstances of the case the Income Tax Appellate Tribunal erred in law in upholding the order of Commissioner of Income Tax (Appeal) holding their amounts disclosing after search, which was not previously offered to tax is not a concealment on the part of the respondent/assessee ? (b) WHETHER on the facts and in the circumstances of the case the Inc .....

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