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2013 (7) TMI 200 - MADRAS HIGH COURTPenalty u/s 271(1)(c) - Tribunal held that mere concealment or furnishing of inaccurate particulars by itself would not justify the levy of penalty - Held that:- evident that 43 vouchers created by the assessee were for a sum of Rs.21,01,500/-, whereas, the amount debited in the profit and loss account was to the extent of Rs.32,67,730/-, therefore, the entire claim made towards service charges had been proved to be false or bogus because those details were not even furnished in the new vouchers. It is no doubt true that confronted by above facts the assessee offered the said amount for assessment and paid tax thereon. This however does not absolve the assessee on the aspect of concealment attracting the penalty provisions. The assessee admitted that the amount, which was claimed to be the expenditure towards 'service charges' were diverted for investment in various properties and gifting and advancing monies etc. They were reflected in the accounts of the assessee for the assessment years 2003-04 and 2004-05 - attempt to fabricate the evidence to make an illegal gain, by suppression of profits is clearly made out attracting penalty provisions. The view of the Income Tax Appellate Tribunal ignoring the law declared by this Court and Apex Court in the decision in the case of Union of India and others Vs. Dharamendra Textile Processors and others [2008 (9) TMI 52 - SUPREME COURT] cannot be sustained. - Penalty confirmed - Decided in favour of Revenue.
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