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2011 (3) TMI 846 - ITAT, PUNEPenalty u/s. 271(1)(c) - Since, it is a decided issue at the level of the jurisdictional High Court, that no penalty u/s. 271(1)(c) of the Act is leviable in respect of the concealment income, which was assessed in the wrong AY and in the wrong person for any reasons - Further, no penalties are leviable when the assessee has nowhere admitted that it had concealed its income as held by the jurisdictional High Court of Bombay in the case of CIT v. Bhimji Bhanjee and Co.[1982 -TMI - 28262 - BOMBAY High Court]- Decided in favour of assessee.
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