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Issues:
Rectification of order due to incorrect mention of case laws relied upon by the parties, applicability of various case laws related to penalty under section 271(1)(c) for concealment of income, satisfaction of Assessing Officer before levying penalty. Analysis: 1. Rectification of Order: The assessee filed Misc. Petitions against the consolidated order passed by the Tribunal, claiming a defect in the order regarding the mention of case laws relied upon. The Tribunal wrongly stated that the case laws were relied upon by the Department's Representative, while they were actually cited by the assessee. The Tribunal acknowledged this error and rectified the order to reflect that the case laws were cited by the assessee's Authorized Representative. 2. Applicability of Case Laws on Penalty for Concealment: The assessee argued that penalty under section 271(1)(c) cannot be levied as there was no satisfaction on the part of the Assessing Officer, citing various case laws. These cases highlighted instances where penalties were canceled due to revised returns being voluntarily filed, admissions of concealment before detection by revenue, lack of concealment when responding to notices, and other similar circumstances. However, the Tribunal found that the circumstances of the present case, involving tampering with TDS certificates to show lower receipts, did not align with the scenarios in the cited case laws. The Tribunal concluded that the decisions cited by the assessee were not applicable in the current case due to the apparent conduct of the assessee in concealing income. 3. Satisfaction of Assessing Officer for Penalty: The Tribunal noted that the penalty proceedings were initiated by the Assessing Officer after being satisfied that it was a fit case for penalty levy, as evident from the assessment order and other records. The Tribunal upheld the order passed by the Assessing Officer, stating that there was no mistake in the merits of the case for rectification. Consequently, the Tribunal affirmed the original order, finding it justified and requiring no interference, and partly allowed the Misc. Petition. In conclusion, the Tribunal rectified the order to reflect the correct attribution of case laws, analyzed the applicability of various case laws related to penalty for income concealment, and confirmed the Assessing Officer's satisfaction before levying the penalty.
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