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2005 (3) TMI 94 - DELHI HIGH COURTLevy of penalty u/s 271(1)(c) - suppression of sale - HELD THAT:- The Tribunal while granting this relief to the appellant had relied upon the judgment of the Supreme Court in the case of CIT v. S. V. Angidi Chettiar [1962 (1) TMI 10 - SUPREME COURT]. It is a settled principle of law and the provisions of section 271(1)(c) on their plain reading would require proper application of mind and recording of at least bare minimum opinion on the part of the Assessing Officer that a case for initiation of penalty proceedings was made as there was concealment of income, or that incorrect particulars had been furnished by the assessee, with intention to avoid payment of tax. In the present case the Assessing Officer had recorded satisfaction with regard to one sum while with regard to the other he made no such indication, as is clear from the above reproduced relevant portion of the order of the Assessing Officer. We find no merit in this appeal as it raises no question of law, much less a substantial question of law, as such an interpretation is clear from the bare reading of the provisions and it has already been the subject-matter of pronouncements by various courts. The view consistently is in the above terms. Thus, in view of the judgment of this court in CIT v. S. R. Fragnances Ltd. [2003 (11) TMI 24 - DELHI HIGH COURT] this appeal is dismissed, while leaving the parties to bear their own costs.
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